Financial Times , 1982, UK, English

On site

Panes? Plant Design £
and Construction
Worldwide

No. 28,766

PUBLISHED IN LONDON AND FRANKFURT

Thursday May 6 1982

***30p

Conveyor b elting th at s superior
on the surface and underneath

You'!! find it at

Fenner

Hull. England

COMUMEWTAL SELLING PRICES; AUSTRIA Sch. ISj BSLGIUM, Fr 35j DENMARK KrBJO; FRANCE Fr5.0flj GERMANY DM2.0: ITALY L 1,000; NETHERLANDS FI2.S; NORWAY Kr6.00; PORTUGAL Esc 50; SPAIN Pta«; SWEDEN Kr6.00j SWITZERLAND Fr 2.0; EIRE 50p: MALTA 30e

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GENERAL

Polish

BUSINESS

Haig leads diplomatic moves Nav ? lacks defence

, , r n i , against missile

to end Jb alklands conflict

off 8.8;

gilts

lose 0.31

BY REGINALD DALE IN WASHINGTON AND PETER RIDDELL IN LONDON

7 AN URGENT new diplomatic

effort to solve the Fnlklands

* . . ■ J m crisis by peaceful means was

PnnflAIYIIfl - fifilKS underway yesterday, centred

V/lfllUVlllll around Mr Alexander Maig, the

U.S. Secretary oC State.

unrest ' lose 0.31

"continuing phase of intense
m it f. i riTirc *. . diplomatic activiiy" and the

Polish bishops Issued a state- SdSPfon Whi,e House Mid jt W3S in

ment condemning the recent !cl1 S ’ 8 t0 a7Sm * m “ a E e 33 contact with other governments

ARGENTINA YESTERDAY
devalued the peso by 14.3 per
cent in a move designed to
bolster its weak economic
position during what could
be a long drawn out conflict
with Britain.

The latest devaluation,
which pegs the peso at 14,000
to the U.K. dollar compared
with 12.000 on Tuesday ami
33,500 when dealings opened

mem condemning the recent contact with other governments with 12,000 on Tuesday ami

demonstrations throughout the * GILTS- (he Government ‘* virtuaI1 y round the clock." 33,500 when dealings opened
country. . Securities index o inner! oil to . In yesterday Mr In Bnenos Aires yesterday

The unrest was “delaying 67.67. Page 39 PP ^ traneis Pyni. the Foreign morning, brings tiic total

normalisation and disorienting
the young," they said.

* Secretary, told the Commons

RAW SUGAR dally price in t*»»t ** a vital ingredient of the

decline In the value of the

Argentine currency since the
start of last year to 840 per
cent.

The Ministry of the
Economy has also introduced
a number of other measures
to help bear the cost of the
conflict now five weeks long.
An export tax or 1,000 pesos
for each dollar's-worth of
goods sold abroad — the equi-
valent of a 7 per cent
surcharge has been added to
existing (axes un important
export! such as coarse grains.

■ I ■ BY BRIDGET BLOOM, DEFENCE CORRESPONDENT

BRITISH WARSHIPS in the get, the missile drops to just
South Atlantic lack effective above the waves. It has radar
defence against the Exocet mis- in its nose to home automatic-
si le which -destroyed H3IS ally on to the target ship,
any apparent shift in Buenos Sheffield on Tuesday. The French manufacturer of

Aires. Weapons designed to destroy the missile, the state-owned

Senior Ministers also appear these French-built missiles are company Aerospatiale, cen-
to have discussed yesterday the being developed in Britain, but firmed yesterday that current
longer term future of the are unlikely to be deployed with anti-missile systems were un-

islands. Mr Pym emphasised the Royal Navy for some years, able to provide a reliable coun- J

that the Government had an The two weapons which have ter to the Exocet. A spokesman j
open mind on the longer term, been generally thought to pro- said this was primarily due to ,

But in reply to a question, he vide some protection against its speed, the short flight time

said that suggestions about a Esocet — l he Sea Wolf and the (about two minutes at a range
UN trusteeship were one of the Sea Dart — do not have adequate of about 30 miles) and the auto-
possibilities and might “in the tracking radar to pick up the matic. fire-and-forget forgetting
end prove to be a highly suit- Exocet as it skims the sea system.

able one." towards its target, naval experts HMS Sheffield was armed with- .

able one." toward:

The mood in ihe Commons allege,
was much more subdued than Cbnfi

HMS Sheffield was armed with- .
Sea Dart missiles. Sea Dart is

A communique issued alter a London was marked down to id eas is an early cease-fire and
church-siatc commission meet- a tonne, the lowest for over prompt withdrawal of

tog said that discussions “had
continued’' and expressed con-
cern at disturbances Page 2;
Feature, Page 25

‘Call off strike*

A TGWU recommendation to
call off the national dock strike
due to start on Monday wiii go
before a delegate conference on
Saturday. Back Page

Unilateral plan

The Labour Parly seems set to
commit itself to a non-nuclear
defence policy, based if neces-
sary, on unilateral action. Page

12 _ : '

N-chief killed

Gunmen' shot dead the director
of a nucLear plant, under con-

Argentine forces.

The proposals seemed likely with Lhe parties and others who of the loss of HMS Sheffield. from Mr John Nott. the Defence
to be more acceptable to Britain have ideas which could help On the Tory side, some MPs Secretary, in the Commons jes-

It is clear that the British than moves in the UN that peace. W« welcome the current however were impatient about lord ay.

was much more subdued than Confirmation that the Govern- described as a triple-role, area
lhe highly emotional scenes raent recognises the task force defence weapon which can
laic on Tuesday after the news could he under-defended came attack missiles as well as other
of the loss of HMS Sheffield. from Mr John Nolt. the Defence surface ships and aircraft.

On the Tory side, some MPs Secretary-, in the Commons yes- V ery few of the facts about
however were impatient about ierday. , how the Sheffield spent its last

Government wrll not agree to a simply called for a ceasefire, efforts of UN Secretary- talk of negotiations and were m Acknowledging concern ab..ut f ew minutes have been estab-
ceasefire without a prior com- leacing Argentina still in pas- General Perez de Cuellar, and # need tD en ,?ure ‘’ty 31 ? _ missile develop- ^ .particular, it is not

xnilment to a withdrawal of session of the islands with little stand ready to do whatever we pat the task force successfully I?®.?;?' ?' „ clear why no Sea Dart was fired.

forces and dear evidence that incentive to withdraw.

can to avert further loss of life c °nipleted_ its job.

this undertaking is being ful- Sir Nicholas Henderson, the and further resolve the dispute

filled. Mr Pym indicated last British ambassador in Washing- peacefully." it said.

completed its job. Britain had not given priority ith -Lins, thp SllDer v^r,.

Mr Denis Healey, the Labour in the past to the development 5Sd the Elc or

Deputy Leader, continued his of an anti-missile missile was fissile before it

nrp«»r« that tii» Snvirt iininn did nni against ine nussue oeiore it

““WM. JUI A jm iiiuiLttiw ut^i wiiuaii muuuoDuuui 111 vruDiuiiK- it muu, ... , dKOiuaL Lite luiasuc

week rhat under these condi- ton, was expected to return for In London, diplomatic inhia- Pff* s “ re an ? ariy -u Br,, T l S ItlniwMn dropped to sea level,

tmns t-hnm -minh*- Kn naratiai Fmthnr tnitc .■»» ihn ctitt. rio. lives were apparenLlv the main iiMistive lo involve thp UN deploy .en-sktmmmg missiles.

i • l I !

SL r GAR-

| lonrfan Rirfy Brief

tions there might be parallel further talks at the State De-
movements in British forces. partment with Mr Haig later
The dear impression given yesterday. Mr Haig had asked
both in the Commons and by for an urgent reaction from
officials is that The focus lias London to the latest proposals.

miK-i ui uic aiaie uira writ auuurcuLiy iiik mu-iii , - -

t with Mr Haig later topic or disioission at meetings ? f e " e la^fenerai as a med.ator The destruction of t

v Mr Haie had asked bulb of the inner ->rouD of afler vhat h * described as " Ihe Sucfficld— It was not clear y

ur^nt rcfcuon from SnV«ln£!l^“".fn"d P Jh y«"™ " ™d of 1erdpy_ ^iOOW

the crisis and of a hurriedly

MS gsisr- ot lhe fuU SSSSf 4 aZA-llSZt-Sm

warship had sunk after bein,

f the No-U, in his only reference

ar yes- 10 lhe Sea Darl yesterday, des-
OOO-ton bribed it primarily as an anti-
1, heinn aircraft weapon. Its capability

fi re was accom- aE ains t missiles -seems to have

pressures on the Argentine. The tive response " to the latest Cabinet.

ceasefire and referral of the dis- missile fired from a French-built The Sea Wolf is now on only

implication is that British mi li- peace move was delivered by Mr Pym said he was giivng pute to the UN This 'roun Suber Elendud fichier reeemiv ships with lhe task force
tary action will be limited to Sir Nicholas in a three-hour “ very careful attention " to the hai now smarted well otwTO deSrerfd to Argentina -the two type-22 frigates,

enforcing the total exclusion mooiini' with Mr irnin nn t..p«- ideas of the UN Secretary- "___.°._. ac T ractea ^. eI1 over ,u aenyered to Argentina. _ Vp d Rnfitam

I l9Bf • 1SS2 I enforcing the total exclusion meeting with Mr Haig on Tues- ideas o
. i 1 ■ zone around the islands. Spe- day night. General,

two and a half years. Record culatim about any significant The plan would provide a that UN

world sugar output forecast, escalation of military activity framework for an .'remediate similar

Page 33 was being discouraged last Argentine withdrawal, which arc likol;

A night. would effectively mean a cease- solution.

ideas of the UN Secretary-
General. The British view is

signatures to a motion.

The range of the 19 ft, sub- broadsword

frigates,

BriUrant.

The doubts of some Tory MPs sonic missile depends on the ??. 110 ^ tie

WAUL STREET was 0.66 I •rids emphasis dearly re-, fire. British officials said.

Stnintinn nMi* Ril’m in Qniin*- J “ ,w '' ima ruiyiidbib mcaiijr ■ c- ( ju r, xjhiuii umridia niiu. Mr P> m said the UN had not

Basoup rpr«^«n p^. ? Spain a down at &>3.79 near the dose, fleets in part international un- The White House issued a put forward formal proposals

q e rctron. rage i Page 38 •- ease a bo U t the conflicts since statement which said that ** the but only general ideas to which

. . . ’ m CTntTTKin men qo e the weekend. tragic developments of the past he is Likely to reply today.

DOVTtDS seized un Jf| ^ acainst the dollar The Washington effort is few days are drastic evidence Despite all this activity.

More than 3.000 petrol bombs to close at 5U0575. It fell l««d on suggestions put for- of the urgent need to find an there is no great optimism in

were seized in the Ardoyne area to DM 4J87S (DM 4.’I25) ward by Peru, to which Mr Haig eariy peaceful resolution of the London about the chances of

of Belfast in an operation on SwFr' 3,195 (SwFr X52) and' b^ added his own ideas, British conflict in the South Atlantic." an early diplomatic break-

the eve of the anniversary of FFr 30.925 (FTr 10^475). Its °ffi c,al s Wc remain in close touch through, given the absence of

Bobby Sands' death. trade-weighted index was S9.6

(SMI.I). Page 40 TTk • j • 1 ill* •

Police cleared . . KPiroin mov oriAnf rlornnciv

fleets in part international un- The White House issued a put forward formal proposals business managers at West-
ease about the conflicts since statement which said that “the but only general ideas to which „ ^ _

backbenchers .including three some eight miles from the tar-
Privy Councillors, to the party's

tragic developments of the past he is likely to reply today,
few days are drastic evidence Despite all this activity.

Qiet in the South Atlantic." an early diplomatic break-
Wc remain in close touch through, given the absence of

Continued on Baek Page
Falklands crisis. Page 4
Diplomatic activity prevents
more Commons disunity.
Page 12

Lombard. Page 25

Bobby Sands death. trade-weighted index was S9.6

(SMJ.I). Page 40 •

Police cleared e dollar l0 , lnse Rfl 131 II IH2IV Ol

Two Liveepool police, driver London -at DM 2AI75 M 11144 Jr

and passenger of a van that (DM . 2.34351. SwFr. L935 . . ..

fatally injured a man during (SwFr 1.9576) and Y233^5 BY BRIDGET BLOOM. DEFENCE CORRESPONDENT

the Tostcth riots, -were cleared (Y237.35). ft? trade-weighted • . . • , ' ■ • ,

of manslaughter: •' ' index wbs 112.6 013.5). Page 40 BRITAIN . AND ArgenUna planned operations.

Britain may adopt defensive posture

of manslaughter: . . ' index was 112.6 f 113.5). Page 40

RvnfkAve f» AA j • GOLD fen SG in London to

Brothers freed S336.5. in n?w to & the

-Two whites were cleared .of ' Comex May dice was 5337
subversion charges in Bulawayo (3JM4). Page 40

aeddedft tSrtSSSf jr”“d

m MWs - y

demand or output, says the
a CBFs quarterly- survey. Back

AttSCK Oil - reply Page and Page 14 -

The c h air u ii tn of: the -Press - a t » nm*c rrr»« /tmnv

don lime, he said. Be had no when it was hit. It had been

Financial

markets

shaken

By Darid Marsh

WORRIES OVER the fighting
in the South Atlantic shook
confidence on the London finan-
cial markets yesterday. Sterling
lost ground sharply against Con-

appeared to he weighing their However, this coultf-.be. con- further details of casualties, suggested that Sheffield was tinemal currencies alrhoush it

• GOLD Fen 36 in London jo military options last night fol- sistent with a military standoff Suggestions that 87 men had west of the Falklands acting as wa „ higher against -s nenerellv

S3«a.5;.- In New Yojrk the lowing five days of confronts- during which the task force been killed or wounded were a "radar picket" for the task W e->kp- riottar’ Shares and mit

Comex May dose was 5337 tion in which both sides have would continue to enforce the not confirmed by the Ministry force which would have been pdopd 'storks fell hraviiv h

/■32i Ui ti-iaa sn - ono-miio •»«««> mi:, eu^eu siocks xeu neaviiy.

Continued on Back Page

F.T. INDEX

30-SHARE

® DAYS CLOSE

STERLING

£ AGAINST^ A
theS XV ,/

LONDON |

MAY 5. 1982

lost a major warship and con- 200-mile total exclusion zone yesterday.

« ffVDmTm? /-niurmffwnr siderable numbers of men. aroun dihe Falklands without Mr Nott — who later flew to experts expressed surprise

v xAgLUiiiis 1 wt'iDi b. NLb As Mr John Nott, the Defence seeking to engage the Argen- Brussels to attend a Nato meet- yesterday that if this was the
SL 1 ism • fold a packed House tines except in self defence. ing— left many questions from case, the aircraft carrier

ueen time improvement in Coraons yesterday afternoon There was no indication last MPs unanswered. He would not Hermes was, as reported by

IJm TYI 'in rt ni* mirnuT 1 emit t hn ^ . ... . - « . . « a : j ■ ■ ■ ■ . . _ _

Mr Nott— who later flew to experts expressed surprise dealer in London summed up the Sheffield.

f ™ r ea One U.S. foreign-exchange day before new-s of the attack on.

ines except in self defence. ing — left many questions from case, the aircraft carrier .“C. Sheffield hrnusht*

There was no indication last MPs unanswered. He would not Hermes was, as reported by j. pTs hovti tn f»arrh

ight as to whether Argentina journalists on board it. only 15 nound’s f all rar

light be preparing to follow a FALKLANDS WEATHER: miles from the Sheffield. Trea^imr released fiSJ

imilar strategy. , Some Wind W., Forre 7 (30 knots). ^ Nott was asked aKut /no a St of IlloSTt
bservers heliewd that the de- Mostly rioudy, scattered rumours that a major naval in°Britain's official rest

Lruction of HMS Sheffield, showers. Outlook: Stonny battle was then taking place in month. Rough! v half

illowing so quickly on the with MiM <tf the South Atlantic. He reptied appeared to be due to

nking of Argentina s cruiser, high seas, subsiding some- ^ he .. could not be sure - tion to support the cur

eneral Belgrano. could harden what on Sunday. but that he had no reDQrtK of Th*» iindM-lvino fall

demand , or output, says the that 30 British seamen were still night as to whether Argentina
titsis quarterly^ survey. Back missing following the destruc- might be preparing to follow' a
l age and Page 14 tion of Sheffield on Tues- similar strategy. , Some

Tbei ctoinnm' of : the iPress. e Tjrvnx r fpisi a tion day, there were suggestions that observers believed that the de-

Council strongly, attacked pro-- v ,- n ,,irt „h)fpr> hrekprs tn «di the Government had decided to slruction of HMS Sheffield,

TUVMlc fnr n cfatiitrv™ Wfrht WUUIU ODIJgC IjrUKerH IU M-U nn ct„» at fnllnunno cn m.iptlv nn fhp

pasals for a statutory rigbt of
repjy in the media. "

Hungary for IMF .

Hungary will become the 14fith
member of the IMF today, the
only East. European member
jipart from Romania.

Satellite aid

their shares in 114 underwriting aa °P l a « ^eiensive posture
agencies, whose business is lea ®* for the time being,
worth n total of up to £100m. There have been perssi
Page 12 reports that the Goveran

adopt a defensive posture at following so quickly on the
least for the time being. sinking of Argentina’s cruiser.

There have been persisitent General Belgrano. could harden
reports that the Government the stance of both sides.

ras me th e general mood: “The loss of It rose 0.925 cents against the
ca PY; r the Sheffield brought the mar- dollar in thin trading to close
Le “ keis down to earth in London a! $1.80575 but fell

The pound's fall came as the to DM 4.1S75 (D|J 4.2125) and
Treasury released figures show- to SwFr 3.4950 (SwFr 3.52 j.

Mr Nott was asked ab\ut ing a cut of 5810m (£44S.6m) The dollar fell sharply against
rumours that a major naval in Britain's official reserves last the D-Mark, to DM 2.3175 from
battle was then taking place in month. Roughly half the fall DM 2.3435, as markets looked
the South Atlantic. He replied appeared to be due to interven- forward to prospects of lower
that he “ could not be sure " tion to support the currencv. U.S. interest rates,
but that he had no reports of The underlying fall of $394m • Oirthe London stock market

NCC stake sold

was planning to order elements Mr Nott gave the bar
of the task force to invade the line of the action
Falkland Islands in an effort destroyed the Sheffield.

Mr Nott gave the barest out- give the Sheffield's position,
te of the action which except to say that it had been
rstroyed the Sheffield. In a 7fl miles from the Falklands

U.S. interest rates.

On the London stock market

To Labour cries he replied quarters of the City.

was less than feared in some the Financial Times Industrial

Ordinary index fell 14.1 points

that it was “ quite impossible The pound dropped yesterday i R the first half-hour of trading.

to require the task force com- to 89.G" points on the basis of

to I I S pnmmnv garrison of 6-7.000 there. little from that he made on say whether the vessel had n ea tediy with ^London*'

tv ‘t-' vumpauj Neither Mr Nott nor his De- Tuesday night, he confirmed attempted to fire its Sea Dart :

€3 RECEIVERS of Birmingham fence Ministry spokesmen that the ship was hit by an missiles against the missile-

and Midland Counties Trust, would comment yesterday on Exocet missile, and that the carrying Argentine Super

the investment company, are straUgy, beyond repeating that resulting explosion caused a Etendard fighter,

selling tis 36 per cent stake in the task force in the South major fire. Orders to abandon He was also silent on the

further to isolate the Argentine statement which differed very when struck. Nor would he ma uder to communicate re- its trade-wevhted index

rvM-vSrAt* A? Ann tV.OT>n litfla frnm fin Trtorfo nn bm whpl'flftw thn Tjpgcpl HrH it.. . % ... “ LUUCA

pared with 90.1 points on Tues-

An hour later, after heavy
Continued on Back Page
UK reserves fall. Page 8

TTCCU* ‘ . ■ . .... aiJU lUiUldilU |^UUflU» ItlldL, wuuiu luuibjliii jwiwum* vaj l >uiaan«., uiu turn. --r —

me US&K' is using satellite the investment company, are strat%gy, beyond repeating that resulting explosion caused a Etendard fighter.

surveys in a project io divert se jii ng i (s gg per cent stake in the task force in the South major fire. Orders to abandon He was also silent on the

rivers from Siberia to tne and NCC Energy to Cook Inter- Atlantic would continue with ship were given at 7 pm Lon- role the ship was fulfilling

south through old river beds. DBtionaL U.S. pest control .

. . .. - insurance broking com-

‘No -tO art claim pany, for 592 5m. Mr Graham _ _ _ _

S£r .2 General Accident feels the cold

stolen from Germany during ,

World War n belonged to an Back ra - e BY MORT

East German museum and 0 BP WITHDREW from its , ^ . .

rejected a New York lawyer’s ro j c a;i a equity partner in LAST WINTER’S severe weather insurer but half its UK losses that the severe weather had

claim. the NCBs plan for a £55m coai in Britain, described as the came not from motor business cost UK insurance . companies

liauefaclion plant. Page 8 worst this century, has cost but from its private household more than £200m. The figures

Pon star’s victofv General Accident more than account. Damage to houses and from GA would indicate that

^ * © EXXON is to raise up to £26m in claims since December, contents from burst pipes, floods this is a gross underestimate.

Pop star Gilbert. O’Sullivan won s50Cm to finance its U.S. opera- Thj s was th e main reason for and storms cost flOm. Claims Specialist stockbrokers con-

Pon star’s victonf General Accident more than account. Damage to houses and from GA would indicate mat

F » 3 © EXXON is to raise up to £26m in claims since December, contents from burst pipes, floods this is a gross underestimate.

Pop star Gilbert. O’Sullivan won s50Cm to finance its U.S. opera- Thj s was th e main reason for and storms cost flOm. Claims Specialist stockbrokers con-

his High Court fight for the tions for the rest of the year. jjj e group recording a pre-tax from its traders account — sider £300m is a more realistic

copyright of _ his songs and Back Page loss 0 f more than film in the mainly insurance on shops and. total.

master tapes of his records. 5 _ t _ r first quarter of this year, small businesses, cost £6.2m. The disappointing- figures

0 MEXICO is loseeK an mier- a profrt of £ig m . The winter had much less resulted in the share price of

Record discord r at iS I li 1 -. S3, «ri»?»r„L 0an 0 * Pre-tax losses are rare for impact on the .group’s UK General Accident dropping 8p

reveals outriqht
lift-

copyright of _ his songs and
master tapes of his records.

Back Page

A MFYirn ic tn seek an inter- flrst garter of this year, small businesses, cost £6 2m.
® MEXICO w to seek an inter againt . f a profrt Qf ^gm The winter had much I<

national syndicated loan Of $2bn p— .tav inccac are rare, fnr imnacr on the craun’s l

Record discord Pre-tax losses are ra ...

., 10 52-obn. Back Page a UK insurance composite, motor insurance business. Many to 290p at the close. The share

The , Wolfe tones, Ireland s COOPERATIVE Wholesale Usually investment income of the lm or more motorists prices of other insurance groups

popular folk group, have made reported trading profits earned on premiums and on the group's books did not also fell I on GA’s results.

? r t£ 1 0 V i •*? -“ P ar w fifem 1 R rclvin of £16.Sm for last vear. an reserves more than offsets the take their cars out during the - Details, Page 26

m i Ireland of Wilham Brown SjeresSr of £4Jm. Page 10 underwriting losses — the dif- bad weather. Even so the num- Lex, Back Page

who created the Argentine incre*« *» forant .» nreminms her of claims climbed 16 oer

underwriting losses — the dif- bad weather. Even so the num-
ference between premiums ber of claims climbed 16 per

■ Details, Page 26
Lex, Back Page

Regal Street.

The Queen and Prince Plixlip
visited • Coronation Street’s
newly-built location near • the
Granada TV centre

Briefly ...

and cent above the average for the
time of year and bad weather

pnaannuice received and claims and cent above the average for the

vum - expenses paid out. time of year and bad weather

$ P&O's pre-lax profits fell in But for General Accident, a claims accounted for about half
1981 to just under £41m (£47m). 20 per cent first quarter Income of the .£7m motor deficit.

Page 26 and Lex Back Page growth to £42m was insufficient insurance company to report its

£ in New York

i j Prcvi0U8 ten leading lift fruck makes available in Bearing in mind the wide ranee of

■ Britain today. Since most companies run makes and truck types involved, further

spot 61.8030 ooMj s i.B 180-8140 mixed fleets, direct on-the-job compari- comment would appear superfluouq
3 months o.7? o.'79 pm j 0.734X7B pm sons were also possible between m a k es. So for a practical demonstration of

g nw nt ft ^ j o-g.sp pm U52J5 pm Asked to grade these makes accord- what these results can mean for yoii

^ seven most i mp ortant fTTi i ii business, c on tact your local
aspects of design, economy and | j || [[{ Lansing Depot right now.

: how not to enforce com- efficiency, companies large and small j j j For this is no time to be buying
21 soonpinpointed the overall leader. raiOTff second-best.

Everyone claims their trucks are
best. So why not ask a wide range of your
fellow truck users which make of truck
they think is best?

Business and Market Research Ltd.
have recently done just that, publishing
without our or the industry’s knowledge,
a totally independent and unsponsored
3981 survey. 200 companies were quest-
ioned about their experience with the

Page 26 and Lex Back Page growth to £42m was insufficient insurance company to report its ■

* « to cover worldwide underwrit- first quarter results and the UK Spot 51.3030-8050! si.ai20-8i4C

# J. S.tINbBjJKY. tne 100a ing i osses tripling to £54m, half losses are far higher than 1 month oja.o.40pm 0AW).3flpm

F°“S, ot arose in tie UK. expected. Tie British Insurance PJJ , Pj>

by fzl.oSm to *53.4™ I0 L t GA is Britain's largest motor Association estimated m March —

Reliability: No. 1-Lansing BagnalL

High Quality: — No. 1-Lansing BagnalL
Service back-up:. No. 1-Lansing BagnalL

Good Design: No. 1-Lansing BagnalL

Lowoperatingcost: No. 1-Lansing BagnalL

Long Life: No. 1-Lansing BagnalL

Competitive price: Equal First-

Lansing BagnalL

Bearing in mind the wide range of

.vear to February 27.

MCC's new president is RTZ Page and Lex, details Page 31

chairman Sir Anthony Tuke. smith st AUBYN (Hold
Hong Kong put up the_.co.st of ® SMITH ST .mmyh (

CONTENTS

effort to; cut road traffic.
Bishop of Hereford, 62, started
a 200-raiIe pilgrimage on foot
through his diocese.

banker, reported a net loss of
£2.75m for the year to April 5,
compared with a profit of
£3.44 m. Page 31

CHIEF PRIGE CHARGES YESTERDAY

(Prices in pence nnless.otherwise indicated)

RISES General Accident... 290 8

Brent Walker ...... 85 + 5 GEC 85S - 7

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ma 1 W + I -uU'BiSik -- *•* “ *

Rentokfl J 55 NatWest Bank. ... 403 - 12

Utd Scientific , 5 smith. St Aubyn... 34 — 3

Benuntai T>n. i --- , 5 Tborn EMI 420 - 13

Malaysia Miffing ... 76 + 5 iggj ^ A m - 34

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Exchqr 12pc 994)2.. J903 « BSJw^Sa Newrii 65 <-> 3 ’

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DC La' Kue 882 Z 8 Srimtrt A . 47 -.7

roker and The role of Threadneedle Street: the

et loss of Bank advises, but -4

o April 5, Violence in Poland: a bitter scent to

profit of Spring 25

Australian aluminium: hard times for

™« — the Cash-a-Can kids 6

Technology: first electronic bank

manager 15

Jobs column: sign of turn in higher-
grade unemployment 16

Business law: how not to enforce com-
petition 21

Management: how marathons boost the

running market 22

Editorial comment: International bank

lending; Belgium 2k

Lombard: Samuel Brittan on why the

fighting must stop 25

Californian wines: changed drinking
habits boost market growth 32

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Arts 23

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as

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30

22

UK Nsm:

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28

24

8-10

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29

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11

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13

40

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• 6 ■

40

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31

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540 -20
354 — 8

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Financial Times Thursday May; 6. 1982 -

EUROPEAN NEWS

Poland’s
critical of

| Norwegian
transport
strike

street clashes

BY CHRISTOPHER BOBINSKI IN WARSAW

iOMAN CATHOLIC bishops in
Poland have strongly criticised
lemonstrations and clashes with
he police over the past few
lays. But after a meeting in
Czestochowa which ended on
ruesday, they also demanded a
‘dialogue between the authori-
ses and society.** saying that
‘the trade unions have a spe-
;ial place in this process/' This
s a reference to the suspended
Solidarity union movement.

“Constructive talks, which
rannot be put off without
serious and irreversible harm
:o the nation and the stare,
iemand an atmosphere of calm
in the tommy," the bishops
tay.

Local authorities in Warsaw,
Gdansk and Szczecin, mean-
while, have reimposed curfews
md other restrictions following
die dashes. In Gdansk, private
/etudes have been banned from
'lie streets and sales of alcohol
nade illegal.

The bishops say in language
A-hich closely resembles official
reasoning: “The new unrest in
he country delays the imple-
mentation of social accord,
nalts the steps towards normali-
■ation and disorientates the
/oung."

This is the strongest language
he Church has used about civil
inrest against the authorities
tnd is likely t<r be greeted with
relief by the Government.’ It
•hows that the Church, for the
noraent at least, can be relied
jpon to call for order. Its stric-
,-ures, read in churches and
broadcast by the official media,
will help stabilise the situation.

At the same time, however,
he bishops have reminded

General Wojriech Jaruzelski.
Poland's militaty leader, of his
December 13 promise that
unions would be allowed to
function again eveftluallj*. They
add that society awaits further
steps in this direction, as well
as the freeing of internees, an
amnesty for those sentenced
and in hiding, and an “end to
the sacking of people because
oE their union membership."

Reuter adds: The Polish
authorities yesterday absolved
the Church from blame in this
week's riots but warned it
against manipulation by
extremists.

Gen Czeslaw Kiszczak. the
Interior Minister, told Parlia-
ment that the martial- law
authorities did not believe the
Church had supported demon-
strations, but it should he
aware that such crowds could
easily develop into a destruc-
tive "force.

“Street disturbances do not
help the Church fulfil its
religious mission and do not
serve its interests," he said.

The religious leaders had an
opportunity to make these
points to the Government at a
meeting of the church-state
commission yesterday. It will
have allowed the church authori-
ties to gauge how seriously the
Government intends to talk
about political solutions.

Submarine payment

The Soviet Union has agreed
to * pay more than SKr - lm
(£96,000) compensation follow-
ing the stranding of a Soviet
submarine near Sweden’s Karis-
krona naval base last October.
Swedish officials told Reuter In
Moscow. ■

called off

By Our Oslo Correspondent

NORWAY’S TWO - week- long
transport strike was halted yes-
terday following a statement by
air Arne Rettegal, the Minister
of Labour, that he would enforce
a wage settlement.

The Minister said he inter-
vened because he feared that
the number of industrial lay-offs
as a direct result of the strike
would increase dramatically if
the action continued. The figure
topped S.000 this week.

The Government's arbitrator
twice called a meeting of both
sides during the dispute in a
vain attempt to find a basis for
settlement.

More than 8.000 strikers were
demanding a general pay
increase of about NKr 6 (56p)
an hour. They have been offered
only NKr 2. The average Hourly
rate is NKr 40.

Activity at Norwegian ports
suffered severely during the
strike and industry had increas-
ing problems obtaining supplies
and distributing products. • •

During the first, week,, petrol
supplies became scarce in most
parts of the counury. But after
pressure from the public the
strikers abandoned their attempt
to block distribution by non-
union tanker lorry drivers.

The end of the transport
stoppage, however, coincided
with the start of a strike by
about 3.200 workers in Nor-
way's fish processing industry.
They joined 700 workers in
other branches of - the food
industry who stopped work in
support of a pay demand a
week ago.

The Government, however, is
obviously happy to see that
wage settlements have been
reached with iron and metal
workers; chemical workers,
hotel and restaurant employees,
aircraft mechanics, building
employees and printers.

BY ©UR MADRID CORRESPONDENT

THE BISECTOR of the
unclear power plant nearly
completed at Lemoniz near
Bilbao was assassinated
yesterday in an attack whieh
bore the hallmarks of Eta, the
militant Basque separatist
organisation. Sr. Angel Pascnal
Mugiea was bit in the head by
gunmen who fired on his car
from a passing vehicle in a
Bilbao suburb.

Sr Pascnal was accompanied
by two bodyguards wbo re-
turned the fire, and by his
16-year-old son who was hit

in the hand.

The shooting occurred just
hours before the Basque
government was due to sign
an agreement creating a
special regional energy
corporation which it would
control and which would take
over the operation of Lemoniz
from the private utility, Iher»
daero. This followed almost
a year’s delicate negotiations
between Madrid, the Basque
government and the company
about the future of the $2bn
nuelear plant.

Work at Lemoniz has been
at a standstill since February
1981 when Eta assassinated Sr
Jose Maria Ryan, Jberduero’s
chief engineer at the plant
E(a first kidnapped 5r Ryan
and demanded a halt to work
on Lemoniz, but .the company
refused to comply.

His death led to the biggest-
ever demonstrations against
the separatist organisation in
the Basque country, but all
the technical workers at the
plant withdrew for fear of
their lives. The Madrid

Government rejected sugges-
tions by the Basque admini-
stration’ to hold a referendum
on the future of Lemoniz, and
two months ago a formula was
agreed, which It was hoped,
would lead to resumption of.
work. ■ '■•••

Iberdueru has retained its
ownership of the 930 MW.
twin unit bat the Basque
government bas taken over
its operation while the
national unclear safety coun-
cil assumed responsibility for
safety.

Robert Graham in Madrid reports on the effects of the toxic oil tragedy

How buying cheap cost Spam dear

A YEAR after the first
symptoms of poisoning from
adulterated rapes eed oil came
to light in Spain, doctors end
scientists still have not fully
understood the toxic combina-
tion that has caused the death
so far of 271 persons.

The only encouraging aspect
is that the mortality rate bas
slowed sharply and the number
of persons in intensive care has
fallen to 24 when at one stage
it was close to 500. Against
this, the Ministry of Health
reckons that over 18,000 per-
sons have been affected by
cooking with adulterated rape-
seed oil.-

It is still unclear what ride
effects could develop in the
future. . while • 3,000 people,,
undergoing rehabilitation treat-’
meat, are in varying states of
muscular and neuromuscular
disability. * •

The rapeseed oil was Im-
ported. mainly from France,
for industrial use! It was then
dyed with aniline, refined and
sold — usually by door-to-door
salesmen - in plastic five-litre
bottles at well below market
prices. Those affected 1 * were
mainly among working class
families who, by using much oil

in cooking, were easy targets
for such budget-saving products.

The .way dn which the adul-
terated oil was distributed
meant the victims were located
in clearly defined areas of the
country: in Madrid and its

surrounding industrial belt, and
the towns north of the capital,
like Aril a, Leon, Segovia and
Valladolid. Indeed it was this
combination of working-class
victims along the path usually
trod by travelling salesmen that
led the authorities to suspect
what first appeared to be some
serious atypical pneumonic
complaint to be a dangerous
toxic element in cheap cooking
oil.

One of the main problems
doctors and research scientists
have faced in understanding
the nature of the toxin is that
the poison is broken down on
ingestion and thus very hard
to identify. The effects have
been tragic on the surviving
victims, resulting sometimes in
total loss of' muscular control
and long-term genetic
damage.

Women of childbearing age
have been the most prone to
mortality, and warnings have
been given by the health

■ The face ofWelsh industry has changed
dramatically in recent years. ■■

So, indeed, has the face of our workforce.

In fact; most of what we produce these
days comes fiom above ground. Rather than
below it " ' ;. s . ’ -

■Which has to be a change for the better
Yes, there have been redundancies.

But there have also been thousands of
newjobscreatedNotably as a result of rapid new
developments m engineering; and the arrival of
the hightechnologyindustries.

The fact is, these two alone now account
for around 40% of people in Wales employed in
manufacturing.

Were host to a host of household names.

Like Sony. Whose chairman, MrAkio
Morita, has recently gone on record as saying
the productivity and labour relations .at his .
Bridgend plant are every bit as good as ba ck
home.

Small wonder then that Sonyfc nearest
rival lives practically next door

i Ydu see, the GEC-Hitachi people produre
I all their colour TVs for the British market ■
m in Wales.

THE FACTS ABOUT OUR WORKFORCE

IN BLACK AND WHITE.

, Our manpower makes Fords horse
power; too. Every Escort engine in Britain, to be
precise:

Were the driving force behind Colt and
Ferranti. And we recently welcomed Mitel and
Inmos to the fold.

Of course, we’re delighted by the arrival
of so many new faces. .

And, whatever the size of your business,
we’dbe just as pleased to see yours.

for more information, call Ted Cleavdey
orDavid Morgan onTreforest (044385) 2666.

Or complete the coupon.

WELSH DEVELOPMENT AGENCY

Please send me the fads oa bow ay business would benefit
tojaroove to Vales.

\ LH factories avaSaHe. TZ3 investment Rmds

Jil'

%

N

'■Nanie_

lWtian_

...

■ Nature ofbasmess.

‘ CYimpamr

Address.

. ' 3y.N&_

-v. ^;v.Y

F.T. 18/82

Tb:Wdsh Development Agency, Pontypridd,
Mid Glamorgan, CF37 5UT.

authorities about pregnancy.
Birth control pills have been
permitted to be given at doctors’
discretion.

On the latest estimates,
approximately 60 per cent of
those undergoing rehabilitation
treatment have responded posi-
tively and will suffer only
minor physical disability. But
at least 10 per-cent will pro-
bably suffer some form of per-
manent disability.

The sesne of public outrage
over the scandal has died down.
The Opposition parties, having
initially castigated the Govern-
ment for permitting a lax sys-
tem of control over the pro due- *
turn of olive oil, have become
less strident. There is now an
all-party committee that meets
behind closed doors to consider
tile matter, which is sub judice.

A total of seven companies
have been discovered to have
dealt in this adulterated oil .
under 10 brand names. An in-
dication of the scale of the oil
marketed or about to be mar-
keted is that the authorities
have .impounded 3,000 tons.
Those who bought the adul-
terated oil were able to ex-
change it for pure olive oil.

. riie investigations into the

alleged culprits for refining and
distributing the oil has centred
on a San Sebastian-based com-
pany, Raspa, and another in
Madrid. Raelca. A total of 19
persons have been indicted so
fax, but the judge investigating
the case has been so slow that
two of his fellow judges re-
signed recently. *

The Government agreed last
year to indemnify relatives q#
persons who died and also aid
those who were seriously debili-
tated. 'So far Pta 500m (£2.7m)
has been handed out to victims'
families and a further Pta 180m
ior invalids.

Perhaps a greater cost has
been the tragedy’s indirect
effects. Spain’s olive oil in-
dustry, which produces 425,000
tonnes a year, was badly hit
by the ' adverse publicity the
scandal . drew in its wake.
Domestic sales fell off and the
export image also suffered, with
temporary trade bans by
France. At the same time the
food canning business that -used
oil substantially saw Sales drop
by more than a third" in the
latter part of the year and
temporary bans on oil imports
by France, Italy and Switzer-
land.

Cyprus wants £250m
aid from Britain

BY DAVID TONGE

MR NICOS ROLAND IS, the
Cypriot Foreign Minister, is to
meet Mr Francis Pym, ' his
British counterpart, today to
present a request for £250m in
aid which, he argues. Britain
has failed to give in the past
17 years.

Under the treaties estab-
lishing ttfie Republic of Cyprus,
Britain agreed to give aid to the
newly independent government
aDd obtained two sovereign
bases on tbe island.

Mr Roland is yesterday ad-
mitted that he was. not very
sanguine about obtaining the
aid, but at least tn part the
request appears intended to
remind the world that the
Cyprus dispute remains un-
resolved.

The Greek Government has
been insisting that far more
weight should be given to
" internationalising " the prob-
lem and has dashed . with
Nicosia over this. .

Only last week, Mr Andreas

Papfflxreou, the Greek Prime
Minister, wrote to President
Spiros Kiprianou criticising the
letter's recent agreement to
accelerate, the intercom murral
dialogue with the. Turkish
Cypriots and his formal pact
with Akel, the Cypriot' Com-
munist Party.

Athens and Nicosia have now
begun to dose ranks again and
both remain critical of the slow
progress being made in the
iMercommunal talks.

President Kyprianou has
agreed to continue these talks
until he goes to the United
Nations m June when he will
review the talks’ progress with
Sr Javier Perez de Cuellar, UN
Secretary-General.

Major problems remain over
the form of republic to be
established, though the Turkish
side is now making clear that
it wilt agree to withdraw from
about one-sixth of tiie 36.S per
cent of the island which it
seized in. 1974.

Haughey promises strict

control of public spending

BY BRENDAN KEENAN IN DUBLIN

THE IRISH Prime Minister, Mr
Charles Haughey, said yester-
day that the Government
intends to adhere to its borrow-
ing targets through rigid
control of the public finances.
Speaking in the budget debate,
he said that any additional
spending would have to be met
by cuts elsewhere.

Additional taxation might be
needed, but he said the possi-
bilities of raising extra revenue
were becoming increasingly
limited and there was a. definite

public opposition, to further tax
measures.

“It is mandatory, therefore,
that we give greater attention
to controlling the growth in
public expenditure so as to
avoid taxation increases,” he
told Parliament.

Mr Haughey also said there
would have to be a new empha-
sis on exports', since the present
arrangements and resources
were not sufficient to generate
the increase in exports which
recovering international mar-
kets would offer.

of work

in France
last month

By Oavkl White it) Paris

UNEMPLOYMENT in France
rose a further 1.2 per cent in
April on a seasonally adjusted
basis, bringing the total to
1.99m.

This represents a 15.5 per
cent increase in the 'number of
jobless during President Fran-
cois Mitterrand’s first year in
office, compared with a growth
of almost 20 per cent ia the
previous 12 months.

April marked the sixth suc-
cessive monthly increase in the
adjusted figures, following rises
of 1.7 per cent and 0.7 per cent
in February and March.

Uncorrected figures published
oh a provisional basis by the
Labour Ministry show a drop,
however, for the second time
r unning . The total, which fell .
below the .psychologically
important 2m mark in March,
cam e down by a further 1.6 per
cent to L93m. This was. 17.3 per
cent more than in April 1981,
the last full month of the
Giscard Government
- David Honsego adds: A warn,
ing of a potentially alarming
rise in social security costs has
been given to the French
Government by Insee, the
official statistics ' bureau.
Estimates in its latest monthly
bulletin suggest that the deficit
on social security spending
could, ris e from FFr4Ubn
(£3.6bnl to FFr 66bn-FFr 120bn
(£6bn-£10.9bn) by 1986 at con-
stant 19S1 prices.

T^ie expenditures cover
health, pensions, unemploy-
ment benefits and family
allowances. Under the French
system, they are financed
mainly . from employers' and
employees contributions and
are administered separately
from the government budget
through funds jointly managed
by employers and unions.

The warning of a spiralling
deficit; comes on the heels of
a projected FFr"37bn (£3.3bni
shortfall for 1982-83 in the
unemployment benefit fund
(Unedic) alone.

An overhaul of the financing
of the social security fund
(excluding unemployment
benefits) had been expected
this year. It was recently
postponed, however, as a result
of the Government's decision
to freeze employers’ contribu-
tions to the fund at existing
levels until mid-1983 in an
attempt to ease industry’s
casts. 1

Tbe financing of social
security -expenditures in
France, as in most West Euro-
pean countries, threatens to
impose' an increasingly heavy
burden of wage earners’
incomes id the future.

it f

Hungary on
verge of
joining IMF

7

By Reginald Dale, U.5. Editor in
Washington 1

THE FINAL formal procedures
for Hungary’s admission to the ,
International Monetary Fund
axe under way in Washington
this week.

The process is expected to be
completed in the next few days
with the signature of an official
certificate of agreement by Mr
Jozsef Marjai, tbe Deputy Prime
Minister, who is on. an official
visit to the U.S. - -
Mr Marjai bas been holding
talks with US. government
officials and with private
bankers, who are expected to
show increased confidence in
lending to Hungary once it
formally becomes a member
the Fund. Hungary is not
thought likely to seek an
immediate drawing.

Western bankers’ confidence
in Eastern Europe has been
severely shaken by events in
Poland, as well as by last year's
failure by Romania to keep up
wifh its debt payments.

Two weeks ago, however,
officials said that Romania had
successfully completed nego-
tiations with the Fund on
reopening an SDR l.lbn (£660m)
standby credit which tbe
country had been prevented
from using since last November.

Italy’s Christian Democrats look

for leader to head party revival

BY RUPERT CORNW&L IN ROME

DELEGATES TO the congress
of Italy’s dominant Christian
Democrat Party were last night
due to elect a secretary who will
lead the party in what promises
to be one of (he most crucial
periods of its history. The
result is unlikely to be known
until early today.

Up to tbe end, the favourite
still appeared to be Sig Ciriaro
de Mita, the deputy secretary.
But tiie new system of direct
election made the outcome un-
certain. Previously, the secre-
tary has. been designated by
leaders of factions controlling a
majority of the Christian Demo-
crat national-council.

If. delegates follow the
indications of faction leaders,
Sig -de Mita, who is on the left
wing of the party, could win up
to 60 per cent of the votes, com-
pared with 40 per cent- for his
only rival, Sig Area Ido Forlani,
the former Prime Minister and
current party president.

I-i fsvovr. It would seem.

is the conspicuously anti*
Sodalist atmosphere of the con-
gress. Sig de Mita has long
adopted a much less compromis-
ing approach than Sig Forlani to
the unconcealed ambitions of
the Socialists, of whom' the
Christian' Democrats are uneasy
allies in government.

The question of relations
with the Socialists bas hung
over the congress since its in-
ception on Sunday. Speech after
speech has given the impres-
sion that the Christian Demo-
crats, after a year of. buffet-:
ting by scandal, are intent on
reasserting their own identity,
ahead of a likely electoral show-
down with the Socialises, .

Irrespective of the result, the
back-stage manouevres. so far
have already produced what is.
by Christian. Democrat' stan-
dards,, an' earthquake , in :lhe .
party's internal organisation.’

Previously splintered right-
wing and centre factions have
joined an alliance behind Sig

Forlani. Sig de Mita, for his
part, is supported by the fac-
tion led by Sig Eeniguo
Zaccagnin i, a - previous, secre-
tary, which commands about 30
per cent of .. delegates. He is
also backed, by i new .grouping
called “ New Democratic Initia-
tive ” headed by Sig FlainUuo
Piccoli, the outgoing secretary,
Sig Amintore Fanfani, a former
Prime Minister and traditional
party kingmaker, and Sig Giuuo
Andreotti, also a -former Pre-
mier. . ... 7

All reject any notion of allow-
ing ; the opposition Communist
Party into government, hut
those . behind Sig de’ Mita. are
still advocating ’ greater ‘ co-
operation with the. Gmnmunists
as -a counterweight to the
Socialists.

f e *

x-

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FINANCIAL TIMES. . puM&Sml dritf
axcopt Sundays : .find hpIidflyS- “•**
BUbscdptiqpl-taras S3BSOO P«

Sfieona Class postage paid fit
York, N.Y.," and -bi - additional roamM
cantfbs. *- •'

■,N«

Vs/-.

V" .

:5^aMial Times Thursday May 6 1982

AMERICAN NEWS

0»id H

Ssssr,

: ^sia*

Business leaders
call for U.S.

compromise

BY DAVID LASCQJLES IN NSW YORK'

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BUSINESS LEADERS, showing
mounting .anxiety about the
U.s: budget crisis, yesterday
urged the ; Administration and
Congress to hasten their efforts
to find a compromise.

The call was issued by the
Business Roundtable, an elite
lobby group consisting of senior
executives of many of the
largest companies and banfcs. It
is headed by Mr Clifton Garvin,
chairman of . Exxon.

In a brief but tersely worded
policy statement, the round-
table urged the Administration
and Congress "to reach a prompt
settlement of their differences,"
adding, “such a settlement is
critical to getting the economy
back on a sound footing."

The Roundtable reaffirmed its
earlier support for -the basic
direction of President Reagan’s
economic policies and said it
would be willing to see limited
tax increases as well as spend-
ing restraint -to bridge the
budget gap.

The statement, the Round-
table's second since the budget
crisis blew up earlier this year,
steins from the business com-
munity's growing anxiety about
the depth of the recession,
which it blames largely on the
high interest rates caused by
the $100bn plus deficits that
loom in the Reagan budget
plans.

In its first statement In
March the Roundtable laid out
a number of possible steps to
narrow the deficits, including
taxes on consumption and de-
fence spending cuts, both of
which might be harmful to busi-
ness.

Analole Kaletsky in Wash-
ington adds: In Congress, the
tortuous process of budget
making began in earnest yes-
terday when the Senate Budget
Committee met to consider the
first concrete alternative to
President Reagan’s discredited
19S3 budget

The chairman of the Repub-
lican - dominated committee.
Senator Pete Domenici. put for-
ward a plan to increase taxes by
$125bn over the next three
years, to freeze most spending

This compares with a deficit of
3101<H>n forecast by . the
Administration for the Presi
dent’s programme and an
independent estimate by the
Congressional Budget office that
the Reagan deficit would - be
S132bn~ Without new budgetary
measures, the deficit would be
S182bn, according to White
House estimates.

In addition to reducing the
deficit to a more tolerable level,
Mr Domenici believes that his
savings would be politically
more acceptable than the sharp
cuts in most non-defence pro-
grammes proposed by the
President.

Adding lo the credibility of
Senator Domenici’s plan, Die
senior Democrat on the budget
committee. Senator Ernest
Hollmgs. has produced a similar
proposal, differing mainly in
its treatment of President
Reagan's 1983 tax cut. Senator
Holiings wants it eliminated,
while Senator Domenici believes
that revenues should be raised
ia other ways.

The White House is certain
to oppose any tampering with
the 19S3 tax cuL The Treasury
Secretary, Mr Donald Regan,
repeated this yesterday. But
Senator Domenici said that he
would compromise with the
Democrats on this issue and that
he believes there would be
enough support in Congress

Despite these hopeful signs,
there is little optimism in die
Congress about a speedy resolu-
tion of the budget impasse. The
sort of spending freeze being
discussed in the Senate is almost
certainly unacceptable to the
House of Representatives, which
has a Democratic majority.
Many House Democrats are
implacably opposed to the idea
of eliminating . cost - of - living
increases on social security pay-
ments. which would be the most
important part of any spending
freeze.

Reuter ' adds: Mr Donald
Regan, the Treasury Secretary,
has said he favours placing a
limit on the amount of benefits
a company can reap under the
tax leasing provisions of last
year’s Bill cutting business

programmes for a year and to
cut about $5bn from ..taxes,
the Reagan rear mam ent He told, a House of Repre-
programme. sentatives subcommittee that a

These measures, he said, ceiling should be placed on tax
would reduce next year’s leasing because some companies
budget deficit to around S90bn. abused it

Salvador
coalition
Cabinet
takes office

By Hugh 0*Shaughnessy
EL SALVADOR’S Christian
Democrats, extreme Right-
wing Arena and conservative
Party of National Concilia-
tion (PCN) have each
gained four seats in the 15-
strong cabinet appointed in
San Salvador on Tuesday. Tin
other three seals are filled by
independents.

The list of the new Cabinet
was announced by President
Alvaro Magana after more
than a month of bargaining
since the elections for a con-
stituent assembly in March.
The Christian Democrats, led
‘ by the then President -lose
Napoleon Duarte. polled
more than 40 per cent of the
vote but were defeated by an
alliance of conservative and
extreme Right-wing parties.
The four Cabinet seats given
to the Christian Democrat
Party are seen as the result
of pressure by the U.S.
Government. . which has
strongly supported the group-
ing.

Washington has made it clear
that any Salvadorean Govern-
ment of the extreme Right
would find difficulty securing
support from the Reagan
Administration.

U.S. officials have made the
same point to the Salvadorean
army, whose survival at the
hands of Left-wing insurgents
depends on continuing U.S.
military assistance.

Gen Josfi Guillermo Garcia.
Defence Minister in the
Duarte Government, continues
in the post
The leading Christian Democrat
in the new Cabinet is Dr Fidel
Chavez Mena who retains the
post of Foreign Minister he
had in the. Duarte Adminis-
tration. Dr ChSvez Mena, is
a leading figure on the Right
of the Christian Democratic
Party.

The leading representative of
the extremist Arena is Sr
Miguel Muyschondt Yudice —
at the Agricultural Ministry.
Arena often declared its oppo-
sition to former President
Duarte’s land reform plans
though these were never fully
put into practice.

The appointment of an Arena
Minister to. the agriculture
portfolio is seen as effectively
ending anv agrarian reform
which in any case was seen
to be beyond the financial
possibilities of any Salva-
dorean Government during
the present civil war.

Mary Helen Spooner in Santiago analyses the reasons behind recent cabinet changes

Growing pressures on Chile’s market economy

THE eight-year-old regime of
Chile's President General
Augusto Pinochet is attempting
to solve his country's current
economic difficulties without
creating any fluctuations in
major policy which could give
an impression of indecision and
further erode confidence In the
economy.

On April 19 the regime’s
ministers and other Cabinet
level officials were abruptly
ordered to hand In their
resignations, in order to make
way for new appointments.
Three days later, a visibly
tired General Pinochet
announced the cabinet changes,
which included the dismissals
of two of his closest
cnila.borators, Sr Sergio Fer-
nandez, the civilian Interior
Minister, has been replaced
by a military officer, the
vociferously anti-Communist
General Enrique Montero,
Chile’s respected U.S.-I rained
Finance Minister. Sr Sergio de
Castro, has also been removed.

Chilean officials insist that
no major changes in the
country’s free market economic
model are contemplated and
point out that Sr de Castro was
replaced by a likeminded
civilian, Sr Sergio de la
Cuadra, former president of the
Central Bank. .

Yet Sr de Castro’s dismissal
is thought to be the result of
pressures from those nationalis-

tic officials within the Govern-
ment who would like to see the
state play a stronger role in the
economy. This group consists
mostly of military officers.

Up to now this internal
division between the hardliners
and civilian economic officials,
such as Sr de Casco, has been
skilfully mediated by General
Pinochet, The removal of the
Finance Minister and the
reduced number of civilians in
the cabinet— -from 11 four years
ago to 6 last month— indicates
the hardliners’ growing
influence.

Outside the Government, sup-
port for the free market model
among Chile's business com-
munity apears to have ebbed
significantly. Estrategia, the
Chilean financial newspaper,
recently published the results
of a poH which showed 87 per
cent of respondents indicating
the Government should take
steps to rectify the country’s
economic problems; less than 10
per cent thought the free mar-
ket model contained the neces-
sary mechanisms to correct
these difficulties.

Meanwhile. international
leading to Chile has declined,
partly because of world reces-
sion and partly because of
foreign bankers’ concern over
the growing number of bank-
ruptcies and the Pinochet
regime’s move late last year to
take administrative control over
eight Chilean banks and finance

General Augusto Pinochet:
imiinfatning confidence.

companies. According to Cen-
tral Bank figures, U-S.$308m
(£172m) in external credits had
come into Chile during the first
three months of 1982. The figure
for the same period last year
was $508m.

Despite heavy pressure on the
present exchange rate of 39
pesos to the UB. dollar, which
was set three years ago, Chilean
officials have repeatedly insisted
no devaluation would be con-
sidered. Critics of the regime’s
economic policy have main-
tained that the fixed exchange
rate, along with Chile's low im-
port duties* have placed

Chilean manufacturers and «&■
porters at a severe disadvan-
tage. . ,

On the other hand, a devalua-
tion of the peso would almost
inevitably spur inflation, as well
as provoke a damaging atmos-
phere of uncertainty over the
Government's dedication, to its
own policies.

Baa debts and faulty adminis-
tration continue to plague
Chile's banking system. After
selling some of its state-man-
aged financial institutions and
closing down the others earlier
this year, the Government has

taken over two regional banks
the Banco de Foment o de Bio
Bfo, and the Banco Astral. Both
institutions registered losses in
the millions over the past few
months, and the Government
must guarantee depositors'
accounts during the period of
its intervention.

Chilean officials seem to think
the efforts to prevent such
financial institutions from col-
lapsing are worth the high
administrative cost. According
to Sr Sergio de la Cuardra, the
-regime spent the peso equiva-
lent of U.S.$600m during its
management of the eight banks
and finance companies it took
over last year.

That expenditure has contri-
buted to a threatened budget
deficit of more than Slbn for
this fiscal year, after several
years of modest budget sur-
pluses. To avoid such a deficit

the regime recently 'announced
a series of tax increases which
drew fire from Chile's business
community, while . Chilean
labour groups expressed con-
cern about the "possibility of
increased unemployment caused
by the budget reductions.

Government officials now say
they are studying the possibility
of eliminating income tax alto-
gether and establishing a gradu-
ated tax on consumption, while
General Pinochet has ordered a
freeze, on all dismissals in the
public sector.

Unemployment in Greater
Santiago, according to the latest
figures from the National
Statistical Institute, has reached
15 per cent, though many pri-
vate economists put the figure
as high as 20 per cent.

The mounting financial prob-
lems in Chile have also pro-
duced some defections from the
ranks of the regime's economic
supporters. The most spectacu-
lar in recent weeks lias been
that- of former President and
conservative leader Sr Jorga
Alessandri.

In a recent speech Sr Alles-
sandri call ed on the Govern-
ment to alter the fixed
exchange rate and to raise im-
port tariffs in order to protect
Chilean manufacturers. A
recognition of past errors in
its economy policy, he said,
should not hurt the Govern-
ment’s credibility but instead
“enhance its prestige.”

Clark demands poll over
failure of Alsands scheme

BY YICTOR MACKIE IN OTTAWA

MR JOE CLARK, leader of the
official opposition in the
.Canadian Commons, has chal-
lenged the Liberal Government
to call an election on energy
policy.

In a fighting speech leading
off an emergency debate in the
Commons on Tuesday night, Mr
Clark described the cancellation
of the Alsands project and a
two-year delay in the Alaska
Highway natural gas pipeline
“ an unprecedented economic
crisis.’’

Literal Government policies
have led to a “step by step
disintegration " of the oil
industry that has cost more
than 200,000 jobs, said Mr
Clark, who leads the Progressive
Conservative Party.

Mr Allan MacEachen, the
Minister of Finance and acting

Prime Minister In the absence
of Mr Pierre Trudeau, the
Prime Minister, and Mr Marc
Lalonde, Minister of Energy,
faced a barrage of shouts of
“Resign, resign, resign’’ as he
attempted to defend the
Government's policies.

Mr Clark argued that the
national energy programme
was hurting Canada's, drive for
energy self-sufficiency and was
“ extending the grip of Opec on
this country." He urged the
Liberals to sack Mr Lalonde
and Mr MacEachen.

However Mr Lalonde. who is
attending the Offshore Tech-
nology Conference in Houston,
told a press conference that he
expects Canada to be self-
sufficient in energy by 1990 in
spite of the cancellation of the
Alsands project.

Nicaraguan
accord signed
in Moscow

RUSSIA yesterday promised to
help Nicaragua prospect for
mineral resources and to
develop its mining industry
under a bilateral, agreement,
Reuter reports from Moscow.

The accord, announced on the
second day of a visit to the
Russian capital by the
Nicaraguan leader, Sr Daniel
Ortega, also covered Soviet help
with the development of farm-
ing. health protection, engineer-
ing and communications.

Sr Ortega met President
Leonid Brezhnev on Tuesday
and at a dinn er the Soviet
leader said Moscow wanted
closer bilateral links but still
approved of Nicaragua seeking
to improve its strained relations
with Washington.

$50m Colombian aid to
fight poverty and coups

SAN ANDRES — Colombia is
to provide $50m (£2 7.9m) in
aid to Central America, and
the Caribbean countries to
help combat high oil prices,
poverty, military coups and
revolution to the area, the
Colombian Ministry of
Development has announced.

Economic and Development
Ministers from 21 Central
American and Caribbean
countries began a three-day
meeting yesterday on the
Colombian island of Sandies.

Nicaragua, which has a
territorial dispute with Colom-
bia, was the only country of
22 Invited which decided not
to attend- _ . .

The U.S., Canada, 'lHMcft
and Venezuela are sending 1 ,
observers lo the meetings
These nations have pledged ’
$2.3bn to help stahilise .Cen-

tral American and Caribbean
economies.

Colombia's $50m will help
finance technical programmes,
worker-training and co-opera-
tive development

The Colombian Government
also 'plans to tell tbe Latin
American and Caribbean
nations that each will get a
$10m line of credit to finance
Colombian imports.

The U.S., which is con-
tributing to the aid plan,
promised duty free status for
most products imported from
nations which are in basic
agreement with U.S. policies
in the area. Textiles and
sugar are not inclnded.

The U.S. said U.S. com-
panies investing in the region
would get a 10 per cent
investment tax credit.

AP-DJ

ag C Dit -•'•

!■}’•; . ■ . ■ .

- .'.I.-

atsl (i

revi ,:

It depends on how much
you need to remember

A . . -■ i . r i i . ‘c _l. lL • t • c “tt. ' A~\A I: r. u _u. Ll-

It might help you choose if you stop thinking of
typewriters and word processors as different animals.

Instead, try seeing them as different sizes of the
same animal.

With different sizes of memories.

So that some, for example, can store a short
phrase like 'yours sincerely.’

While others can memorise the complete
works of Shakespeare.

Let's start witha guided tour of our basic model,
the Olivetti 121, and work up.

The smallest memor y.

■ ' The first thing you’ll notice is how quiet it is. Like
someone typing in a cupboard.

When you take the lid off you’ II have another

surprise.

It seems empty

Instead of levers, swivel joints, and springs there
are microchips and sensors

And instead of -
handfuls of clattery keys
there's a ‘daisy wheel’
with all the letters pn little
stalks. .

. Whereas the old
electric golfballs have about

The 121 can store a line of type. It can’t print Hr
back for you, but it can correct any or all of the
characters you instruct it to.

- It’s bigger brother is called the 221

The g rowin g memor y.

It can memorise two lines or 100 words.

What’s more, it’ll show them to you on a visual
display panel before it prints them.

So ifthe/fe not the pure gems you intended
you can cut and polish them.

as fast again as its smaller brother.

Afterthis, you make the big step to our
first machine with a memory store outside,
our 351.

The flop p y disk that holds as much
as a filing cabinet

The 351 stores its information on floppy
discs,, or; as the computer generation insists,

’disks’.

Howeveryou spell it, it’s a great concept.

Each disk can store 64 pages of information,
and you can use as many disks as you need.

Thus you can hold all your letters and
documents in negligible space, and call them back
atwill.

The machine will type themforyouat

2500 moving parts, our
electronictypewriters have
justlOO.

, This newtechnology

gives you features unknown

to the old. It can centre headings automatically, for

instance. ‘ . r

But of course, it’s the first vestiges of memory

that fascinate most people.

Our I2i typewriter

can remember i

Our 231 typewriter
can remember7pages.

With equal precision it will justify a line to
the right hand margin, to give a neat edge like a
book's, not a ragged one like a letter's.

It'll also recall standard phrases on demand:
your title, for example.

Your secretary just presses a key ahefif II print
it perfectly, as many times as she wants.

The start of somethin g big.

These features aloneare worth the extra money
(and if it’s any interest to you, the 221 is seen as the
‘hot? machine inside Olivetti).

But if you want a typewriter ^ that can store even
more inside you have only to look at our 231.

It can remember seven pages. And print half

Our new35l word processor
can remember 64 pages.

over 250 words a minute, with different names and
addresses on standard letters, so that each seems
individually written.

Even this Leslie Welch of a machine, however;
is surpassed by something better; the ETS 1010.

Our jumbo-sized memory.

We designed this, our most accomplished^
word processor; round our electronic
typewriters (the 121 and 221, see above).

Machines your secretary will already
know and feel at home with.

If you like, you can buy the typewriter part first
and add the word processing part later.

This consists of a memory store with a screen
called a VDU (visual display unit) which you can see
in our photograph.

It will show you pages of type exactly as they’ll
appear: You can add or take away single words or
entire paragraphs and the machine will compensate,
re-space and print the new version, holding the
original until you wipe it

Altogether it can store nearly 200 pages and

While our ETS10I0 word processor
can rememberBQj&ges.

form the cornerstone of an automated office.

The cost of memories.

Storage space costs money whether it’s in a
warehouse, a typewriter or a word processor; and
the more you pay, themoreyou get.

For example, you.can lease our 121 for as little
as £5 aweek.The221 for £7.50 a week.The 231 for
£10 a week. Whereas the 351 with the outside
-memory store will set you back ground £15 a week.
And the ETS 1010 under £30 a week.

Would you like to see ohe-or other of them?
Simply send us the coupon ' : r
-and we'll introduce you to
the elephant of your choice.

Phase send me detadsaftpe:

EIM ET221Q ■ EI231Q - ET3S1Q STSIOIOD

Name-

.Position.

Company.
Address

FTS

Olivetti

■ Fulnet London V.V75 2UK. \A/ „_1 . >

| Telephone 01-785 6666. WOPd pPCXeSSHTg

Send loVblerie Better. British Olivetti
Limited 86-B8 Upper Richmond Ro-d.
Fuinev. London ? .V15 2UR.

Financial Times Thursday May; 6 1982 .

THE FALKLANDS CRISIS

i-HC'

‘No defence’ against Exocet

THE FRENCH mannfacturCT
of the missile used against the
British destroyer HMS
Sheffield said yesterday that
current anti-missile systems
were unable to provide a
reliable counter to this kind ■
of weapon, David White
writes from Paris.

The Exocet AM8S missile
(left), produced by the state-
owned company Aerospatiale,
is an airborne derivative of
the successful Exocet sea4o*
sea missile, the 32M 38 (used
by the Boys! Navy, among
others) and the more recent,
Ionger-range MM40. There is
also a submarine-borne ver-
sion, the SM39.

' Until the new U.S. Phalanx
system becomes fully opera-

tional, a company spokesman
said, “there is apparently no
effective defence system
against it” He said this was
dne to the missile’s speed, its
short ffiglrt time (abost two
minutes) and its automatic
“fire and forget” targeting
system.

The Exocet,, a subsonic
“sea-sldmmer* with a range of
40 miles, has beat sold in Its
different version* to some 25
countries. The. French Navy,
like the Argentines, uses the
AM39 on Super-Etendard air-
craft - *

Buenos Aires ordered 14 of
these aircraft, made by
Bassanlt-Breguet for aircraft
carrier service, in 1979. Deli-
veries were still in progress

A MEMORIAL service for
those killed in the attack ou
HMS Sheffield will be held in
Sheffield Cathedral on Sun-
day, May 9, it was: announced
yesterday. '

could be . fitted bn . small
vessels, could be held at low
altitude, needed no mainten-
ance and enabled a ship, to be
“neutralised” ■ by a single
missile, or a salvo of two or
three.

when the French Government,
reacting to the Falklands
Invasion, eat off arms supplies
early last month.

The airborne version of the
Exocet has been sold to at
least seven clients.

Under a Fnuwo-British co-
production agreement, UK
companies also make the
Exocet, accounting for 17 per
cent of total output.

First produced in the early
1970s, the Mach 0.9 Exocet
was presented as a revolu-
tionary development since it

Aerospatiale and the French
electronics group Thomson-
CSF are working on a sear
air anti-missile system to
defend against future genera-
tions of supersede missiles,
as part of another Franco^
British programme known as
AMS A. ' -

Talks delay

concern

atP&O

Nott to seek
U.S. aid for
task force

Fury in Argentina at U.S. ‘treachery’

Remedial action

BY JIMMY BURNS IN SlfisNOS AIMS

By Andrew Fisher.
Shipping Correspondent

by John Wyies in Brussels

THE GOVERNMENT received
complaints yesterday from
Peninsular and Oriental Steam
Navigation (P&O) that talks
on compensation for its four
ships requisitioned during the
Falklands crisis were taking too
long.

The group is trying to speed
them up, having provided the
Department of Trade with a
draft compensation agreement
on April S. -‘The talks are
taking very much longer than
we would have liked,” said Mr
Richard Adams, the chief
executive.

He said that Lord Inch cape,
P & Os chairman, had written
to Lord Cockfieid, the new
Secretaary of State for Trade,
asking for an early meeting.

So far, the group has received
between £lm and £2m to cover
requisition hire costs and the
fuel and stores on board the
Canberra, Uganda, Norland and
Elk.

The Canberra. P & O's cruise
flagship, costs more than
£100.000 a day to run— or
some £3m a month. The older
Uganda cruise vessel works out
at around £60,000 a day.

Including the two ferries, the
ru nn ing costs of the vessels are
£236,000 daoily or more than
£7m a month. P&O has been
told verbally by the Depart-
ment of Trade that it will be
properly compensated.

P&O has already expressed
concern that it will lose market
share in the UK cruise market
to Soviet-owned and other
operators while it does not have
the use of the Canberra and
Uganda.

Since it presented the depart-
ment with its draft, Mr Adams
said: “There has been no
reaction, even to the principles
involved. It has been a ridi-
culous time."

The Department of Trade said
the question of compensation
was a complex area. “We are
doing what we can,” said a
spokesman. Other companies
also want the Government to
speed up its talks.

Shipping experts said calcu-
lating “consequential kisses”
(the effect of requisitioning on
future business! was almost a
first time affair for the govern-
ment.

MR JOHN NOTT, the British
Defence Secretary, Is ex-
pected to ask for UJS.
materiel support for the South
Atlantic task force at a meet-
ing with his American,
counterpart, Mr Caspar Wein-
berger, in Brussels today.

While excluding VS. niffl-
tary backing. President
Reagan undertook last week
to respond positively to
materiel support, and Hr
Weinberger appeared yester-
day to be expecting Mr Nott
to set out British aims.

“I am seeing John Nott
tomorrow, and we wiU get
some idea then of what the
requirements are," said Mr
Weinberger.

ARGENTINA’S anger at what it
regards as U.S. “ treachery ” in
the Falklands crisis emerged
publicly yesterday, bringing
relations between the two
countries to their lowest level
since President . Leopoldo
Galtieri took office in December.

The Argentine Foreign
Ministzy released the text of a
letter sent to -Mr Alexander
Haig,, the U.S. Secretary of
State, on May 2, the day after

■'stiHtiea with Britain began.
The letter strongly criticises the
TJ.S.. decision to side with
Britain in the dispute and to

impose ' sanctions against

Argentina.

“ The Argentine people . .

win, never forget that in one of
the most critical hours of their
country's history . . . the U.S.
sided with- a power that is alien
to our continent and co-operated

with its aggression,” the text
says.

In response to the growing
tension, the U.S. has authorised
all non-essential personnel at its
embassy in Buenos Aires, and
their dependents, ' to leave
Argentina promptly. An em-
bassy spokesman, said that
there was no plan at this stage
for a 'general evacuation order
for all U.S. citizens living in
Argentina, but the decision to
. withdraw part of the 75-strong
staff had been taken “in view
of the tragic conflict in the
South Atlantic and the unsettled
conditions created by it"

Privately, U.S. officials in
Buenos- Aires have indicated
their concern ' that growing
anti-U.S. as well as anti-British
feeling- might spill ever soon
into public violence. .

The Foreign Ministry says in

its letter that the U.S. decision
to side with Britain was threat-
ening a serious rift' between
Washington and the. rest of
Latin America, since it went
against ■ the support for
Argentina's sovereignty claim
approved by the Organisation of
American States.

task farce to consolidate its
position.

threatened

A number of Argentine news-
apers yesterday, including the

The letter denies that Argen-
tina rejected Mr Haig's latest
peace proposals outright and
says that Buenos Aires had
asked only for Pacification. • It
blames British intransigence for
the collapse of the negotiations,
and of attempted mediation.

The Foreign Ministry’s letter
reflected a widespread view in
Buenos Aires that the US.
mediation was really a sham,
aimed at confusing and dividing
Argentine ^ public opinion and
gaining time for the British

papers yesterday, including the
mass circulation Chain, were
openly speculating that U.S.-
Argentine relations had now
reached such a low point that
the US. ambassador to Buenos
Aires, would be withdrawn
soon.

jf

Anti-US. feelings in the
Argentine capital is now running
so high there seems to be tittle
likelihood of Argentina accept-
ing a revival of Mr Haig’s per-
sonal peace initiative at a later
stage. The Argentine diplo-
matic initiative now appears to
be firmly focused on the United
Nations and on any mediation
which other Latin American
countries, such as Peru, might
be able to offer.

over Import ban

BY BRIJ KHBWAftlA. tN . GENEVA

Both men are attending the
spring meeting of Nato
defence ministers which
begins in Brussels today.
Mr Weinberger bad a range
of bilateral contacts yester-
day, after which he claimed
that be sensed no diminution
of support for the UK over
the Falklands crisis.

Bonn fears worsening crisis

French call

BY JONATHAN GARB IN BONN

After meeting his Cana-
dian, Belgian and Dutch
colleagues, Mr Weinberger
said he found regret at the
loss of the Sheffield and “a
regret that we have not yet
worked out a formula for an
end to hostilities."

Speculation as to the land
of materiel support the
British may be seeking from
Washington has ranged from
spare parts for Harrier air-
craft to the provision of 03
transport planes.

- The Nato meeting; sche-
duled to last a day and a
half, is not expected to
devote much time to the
Falklands, though the British
may be keen to find some
expression of support In the
final communique.

“ WHEN THE FIRST Argen-
tine ship is sunk it won't only
be you British who will have
the whole of South America
and most of the Third World
against you — we will inevitably
be Involved too."

This comment, made 10 days
ago by a senior West German
Government official, shows with
what underlying fears Bonn
gave its siqrport to Britain in
the early stages of the Falkland
Islands crisis. Those fears are
now being fully realised.

The West Genuaus see them-
selves, and their European
Community partners, being
drawn deeper into a situation
over which thev have very little
control, and which they feel
has serious political, economic
and strategic implications.

West German politicians —
whether in Government or
opposition — remain united in
condemning Argentina’s mili-
tary occupation of the islands.
They strongly hoped that U.S.
efforts to gain a peaceful solu-

tion would succeed.

It was against tins background
that Bonn went along with. EEC
trade sanctions, believing that
would intensify pressure on
Buenos Aires and make a nego-
tiated-. settlement more likely.
But, frt is stressed, this- action
did not imply that Bonn was
giving a “blank cheque” of
support for whatever military
action Britain might take.

The sinking of the cruiser
General Belgrano is seen in
Bonn as a grave escalation
which, at least, puts a question
mark over the EEC’s future
stand on sanctions.

Support for the EEC action
was only given by Bonn in the
first place with serious mis-
givings. The Economics Minis-
try, above all, repeated its
arguments .against trade sanc-
tions: that they axe highly
unlikely to achieve their aim
and can easily rebound on Those
who adopt them. In that case
the heavily export-dependent
West Germans would he among

the main sufferers.

Apart from the danger to the
heavy West German economic
interests in Argentina, Bonn
has several concerns.

It is felt that the Falklands
conflict will intensify “North-
South ” friction, with the Euro-
peans and the U.S. increasingly
under fire, so that the spotlight
will move away from Soviet
action, in Afghanistan and over
Poland.

It is also believed that this
in turn could, give Moscow the
chance to strengthen its foot-
hold in Latin America.

Further, it is felt that the
despatch of- British ships and
troops to the South Atlantic
amounts to a weakening of
Nato’s northern flank which-
may prove hard to make good.

The West Germans deplore
the - sinking of HMS Sheffield
and fear there will be still
bigger losses of men and equip-
ment if worsening conditions
at sea encourage the British
to make an all-out armed attack
on the islands themselves.

for end to
hostilities

While in Brussels for the
Nato meeting Mr Weinberger
will also be urging bis col-
leagues to insert a “defence
content ” into the Nato heads
of government summit which
is dne to be held in Bonn in
June.

Italy lobbies EEC over mediation

BY JAMES BUXTON IN ROME

BANQUE INDOSUEZ

Banque Indosuex and Poslipankki (Important Commercial Finnish Bank)

have just concluded successful talks and hava agreed (subject to the
approval of the French and Finnish Authorities concerned) to enter Into
a cooperation agreement concerning Finnish and International activities.
As part of this cooperation agreement Poslipankki will take a 15%
participation in the equity of indoauez Osake Pankki.

Both groups look forward with confidence to a mutually profitable
cooperation.

ITALY IS seeking support in
the rest of the EEC for a joint
request to the Secretary
General of the United Nations
'o mediate between the two
sides in the Falklands conflict

The issue will be high on the
agenda for tomorrow’s meeting
in Hamburg betwen Sig Gio-
vanni Spadolini. the Italian
Prime Minister, and Chancellor
Helmut Schmidt of West Ger-
many. Italy would like West
German and also French sup-
port for the proposal, which
■would be put to th e EEC
Foreign Ministers’ meeting in

Belgium on Saturday and Sun-
day.

The proposal — that Sr Javier
Perez de Cuellar, the UN Sec-
retary Genera!, should mediate
in person — is thought to have
greater prospects of success
tii an a recourse to ihe UN
Security Council, where Britain
might veto a resolution Impos-
ing a ceasefire. Sr Perez de
Cuellar has stated his willing-
ness to carry out such a mission.

The sinking of the Argentine
cruiser General Belgrano has
changed Italy’s perception of
the conflict and lent urgency to
its previous repeated calls for

a peaceful negotiated settle-
ment. The subsequent loss on
Tuesday of the British . des-
■ troyer, HMS Sheffield, has" only
emphasised the need for peace.

In spite of Italy’s support for
Britain in the EEC, it has
strong ties with Argentina,
nearly half of whose population
is of Italian origin.

Yesterday, Pope John Paul
called in St Peter’s Square for
prayers for the victims of the
fighting on both sides and an
end to the conflict He also
asked for prayers for the suc-
cess of a peace mission by Sr
Perez de Cuellar.

By David Housego In Paris .
THE FRENCH Government
-yesterday called for an imme-
diate end to hostilities over the
Falkland Islands and a 'separa-
tion of forces. The French
statement, issued after the
weekly cabinet meeting over
which President Francois Mit-
terrand presides, makes the
growing disquiet over the
conflict.

It ffid not specifically repeat
France’s support for Britain
against aggression by Argen-
tina, hut said that France
would remain in close liaison
with her European partners.

Since the sinking of the
Argentine cruiser. General
Belgrano, European sympathy
for Britain has been slipping.
France is worried by a poten-
tial backlash of opinion in Latin
America against Europe while
also anxious to safeguard its
own overseas territories from
the precedent that Argentina’s
seizure of the Falklands might
have established.

President Mitterrand on
Tuesday criticised the methods
used by Argentina and said
that France was keeping open
the ootinn of intervening in the
crisis along with other states
when it seemed that such a
cmwse could influence events.

The cabinet statement de-
plored the “hundreds" dead
in the conflirt and called for
the strict application of United
Nations resolution 502.

' The French Government also
expressed its hope that the UN
Secretary General would
rapidly move to re-establish
negotiations. The Government
spokesman recalled the import-
ance France attached to the
principles of international law
and to UN decisions.

ARGENTINA HAS threatened
to take : “formal ' remedial
action ” ■ within the General
Agreement on Tariffs and Trade
(Gatt) against the EEC, Canada
and Australia, if they do not
lift the imports ban announced
following the Falkland Islands
invasion.

In <a letter to Mr Arthur
Dunked, the director-general of
Gatt; Argentina estimates at
$2bn (£Llbn) the losses arising
directly from the ban. It says
the ban violates at least eight
Gatt articles and constitutes
refusal to fulfil “the funda-
mental obligations" stemming
from Gatt membership.

But the letter’s tone is not
entirely belligerent. It also
asks MT Diinkel to use his good
offices with the EEC before a
meeting tomorrow of Gattis
council, which interprets Gatt
rules. The Argentine delega-
tion is reported to have drafted
a lengthy condemnation of the
EEC, Australia and Canada to
rouse Third World opinion in
the council against the import
ban. .

Although rarely used, certain
G att~ provisions allow a member
country to retaliate against
trade bans imposed by others
in violation of Gatt rules.

Argentina says the import „
ban denies - it most favoured
nation treatment — a cornerstone
of Gatt— and infringes other

rules forbidding use of import
curbs and of measures that
might harm the foreign trade of
a developing country.

No formal contacts have taken
place in Geneva between the
EEC and Argentina, but file
EEC has written to Mr. Dunkel
stating its position.

The EEC points out that the
Falklands ore an “overseas
territory", under its founding
Rome Treaties, which allows
collective- trade .sanctions -to
protect national security inter-
ests.

The import ban is based on
-Article 21 of Gatt, which allows
any country to deny benefits of
Gatt membership to another
country because of . “ inter-
national crises ” even if it is
not itself at war.

. . Several Third World coun-
tries see the EEC's unilateral
sanctions, imposed without, a
call by the United Nations, as
an unwelcome precedent. ’ •

“ It is alarming that the. EEC
has been turned into a group
which uses trade sanctions to
achieve political and diplomatic
aims, or; to support a war effort
by one of its members,” one
Third World diplomat said.

Meanwhile, the EEC is trying
to play down Gatt’s relevance
to the import ban and is
expected to keep a low profile
on Friday to prevent the dis-
cussion from sinking into
political rhetoric.

. iii-

' »• *
t ^

i * *2

Conflict frightens off
Atlantic oil companies

BY ANDREW WHITLEY IN BUBJOS AIRS

ALL OIL exploration and diall-
ing work in Argentina’s poten-
tially rich offshore regions has
been halted because of the con-
flict with Britain.

Argentina is virtually self-
sufficient in oil , thanks to dis-
coveries on land,.. but has yet
to start producing oil in the
rough waters of the south
Atlantic. Three strikes of oil
and gas in commercial quanti
ties have been made so far.

Competition . for the oil
deposits which are believed to
exist around the Falklands and
in the disputed Beagle Channel
region shared with Chile nearly
led Argentina to war with Chile
in 1978. It is likely also, to have
been irt the back of Gen
Leopoldo Galtieri’s mind when
he launched the invasion of the
Falklands last month.

Over the past few weeks,
foreign oil companies working
offshore — Shell, Exxon and a
Total led consortium — have
pulled up stakes and withdrawn.

When they will return is
uncertain.

The last of the three foreign
drilling rigs operating in the
region. Shell’s Interocean-2,
which had been working off the
eastern mouth of the Magellan
Straits, is being towed away
from the fighting zone to safety
in Uruguay, 1,400 miles away.

The fact that it has not been
towed to the nearby Chilean
port of Punta Arenas is an indi-
cation of Shell's concern that the
hostilities may spread.

Immediately after the
Argentine invasion of the Falk-
lands, Shell executives in
Argentina were emphasising
publicly that the company is
majority Dutch-owned, saying
they had no plans to pull out
of the country temporarily iu
line with their colleagues in
many other foreign companies.

Since then the situation bos
changed. This week the second
rank of Shell expatriots in
Argentina was withdrawn, fol-
lowing their superiors abroad.

-Tfl'V-V
i V, ;

1 ’«■»

NOTICE OF REDEMPTION
To the Holders o£

Americans

ENTE NAZIONALE EDROCAKBUKI

BY ANATOLE KALETSKY JN WASHINGTON

E.N.L

(National Hydrocarbons Authority)

6*4 % Sinking Fund Debentures dne Jane 1* 1987

NOTICE IS HEREBY GIVEN that, pursuant to ffie provisions of the Sinking Fund for the Deben-
tures of the above-described issue, Morgan Guaranty Trust Company of New York, as fiscal Agent,
has selected by lot for redemption on June I, 1982 at th a principal amount thereof $550,000
principal amount of arid Debentures, as follows:

Outstanding Debentures ofttS. S 1,0 00 Each of Prefix *M" Bearing Serial Numbers

Ending in the Following Two Dibits;

Also Debentures of US. $2,009 Sad of Prefix “M” Bearing the Following Serial Numbers:

959 3859 3659 52S9 6459 7159 8159 9359 11259 133S9 15139 159S9 19459 20359 24159-

1235 3059 3759 5359 6659 7469 8259 9359 11559 13459 13259 I6SS9 19659 31099 24459

1359 3259 3859 5559 6739 7859 8359 9759 11659 13959 15359 16959 IS 859 91159 24339

1959 3359 4059 6259 6859 7959 8659 10259 12159 14659 13769 18289 20139 233S8

2759 3459 4359 6369 7059 8059 8959 20359 12859 25059 25859 18359 20259 34059

On Jose 1, 1982, there will become and be doe and payable upon each Debenture the pri ncip al
amount thereof, in such coin or currency of the United States of America as on said dale is legal tender
for the payment therein of public and private debts, at the option of the holder, either (a) at fin
corporate trust office of Moreau Guaranty Trust Company of New York, 13th floor, 30 West
Broadway, New York, N.Y. 10015, or (b) subject to any lows and regulations applicable thereto
with respect to the payment, currency of payment or otherwise in the country of any of the fallowing
offices, at die principal office of Bancs Nazuraale del Lavoiu in Rome or the principal office of Banca
Coramerciaki Italians in Milan or the mam offices of Morgan Guaranty Trust Company of New York
in London, Brussels, Paris or Frankfurt or the main office of Algemene Bank Nederland N.V. hi
Amsterdam or the main office of Krsdietbank SA. Lwcemhourgeoise In Loj^mboiirg.Vnie.

Debentures surrendered for redemption should have attached all unmatured coupons appurtenant
thereto. Coupons due June L 1982, should be detached and collected in the usual manner.

From and after June 1, 1982, interest shall cease to accrue on the Debentures herein designated
for redemption.

ENTE NAZIONALE IDROCARBUBI

April 30, 1982

By: MORGAN GUARANTY TRUST COMPANY
op raw yobe. Flood Agent

NOTICE

The following Debentures previously called for redemption haro not as yet been presented for payment;

debentures of us. turn each

311280 5133 5928 10583 11538 11583 115TB 16628 18853 20885 24803

5151 5154 5930 11822 11535 11554 16622 10197 18851 30703 24846.

“IT’S NO LONGER a jolly
little war," reflected the New
York Times yesterday. Like a
stunned circus audience watch-
ing an acrobat failing, perhaps
to his death, from a tightrope,
people in the United States
seem both aghast and some-
how obscurely ’ conscience-
stricken by the death of
Argentine and British soldiers
and sailors this week in the
Falklands.

In Argentina and Britain the
sudden escalation of . fighting
this week may have produced
a new rush of patriotic fervour
or righteous indignation but, in
ihe U.S., instead of adrenalin
there has been only shock and
a touch of revulsion. Shock,
because the U.S. television
viewer saw the Falklands, until
this Monday, as a gripping, but
ultimately absurd and frivolous
sideshow. Mr Haig, the U.S.
Secretary of State, and Mr Pym,.
the British Foreign Secretaiy,
and an endless stream of com-
mentators and experts warned
that there would be bloodshed
but, even ftr an average guest
at a political Washington
dinner . party, these warnings
had tittle impact

Argentina and Britain were,
walking a tightrope, but tight-
rope walkers in this day and
age do not fall off. If they do,
people assume there is a safety
net to catch them.

That, perhaps, is why there
is now a sense of guilt in any
conversation about the Falk-
lands. Iu addition, many- people
in the U.S. still tend to believe
that their own government is
inevitably somehow involved in

any conflict, wherever it hap-
pens around the world. The
critics who urged Mr Haig to
cease his shuttle diplomacy
several weeks ago, did so in
part because they feared that
he would only burden the con-
science of the U.S. unneces-
sarily with another bloodv
struggle.

More important for. Britain
is the degree of revulsion mixed
with this guilt For, however
much they may instinctively
side with the British against
Argentina one does not meet
many Americans who dearly
see a vital principle at stake
in the conflict. Certainly not
a principle that would justify
laying down the lives of many
men.

This is the crucial difference
between the U.S. and British
views of the crisis. It. is gener-
ally believed in the U.S. that
the British do not want sover-
eignty and that “Argentina’s
craving for sovereignty over
the islands will be satisfied ” in
the end, as the Washington
Post argued yesterday. Even
the U.S. Government does not .
accept that self determination
for the Falklanders can be
paramount.

Indeed, a senior Administra-
tion official privately, described
as a “terrible mistake” the
British Government's decision
to make this a basis for its
policy. “The British govern-
ment can’t be held hostage by
1,700 sheep farmers,” he says.

'* We know that and they know
that." He might have added
that the U.S. public knows It
too.

As far as tire Administration
is concerned, the only vital
principle is that territorial dis-
putes must not be settled by
armed force. The trouble with
this principle is that it depends
for its emotional appeal on the
avoidance of bloodshed.

The American people have
never taken easily to the argu-
ment that life must be lost to
preserve peace, particularly
since Vietnam. Indeed numerous
recent polls show that they w&h,
for example, to stop the arms
race and to stop supporting El
Salvador even though they
firmly believe the communists
will unscrupulously exploit such
restraint

For most people in the XJ.S„
the key reason for supporting
Britain appears to have little
to do with the rule of interna-
tional law. Britain, is not lust
an ally, bat a country which
many of them know, like and
admire. Argentina is not. How-
ever, the one way to force many
Americans into an anti-British
stance In conversation is to in-
sist .that US. support for
Britain is morally and
strategically necessary and not
just contingent on the countries’
traditional bonds of friendship.
The trouble with this land of
contingent support is that it
could start to crumble at the
first sign of disunity within
Britain Itself.

' Similarly, the people who side
with Argentina or adopt a
neutral position are mostly those
who are personally famillarjwith
Latin America, or believe that'
the U.S, should look to its own
continent for trade, culture and

defence, more than it does to
Europe. They range from right-
wing figures such as . Senator
Jesse Helms, to liberal officials
at institutions like the Inter-
American Development Bank
and the United Nations, to left-
wing Latin American organisa-
tions whose main role in the
part has been support for anti-
US. movements in Nicaragua,
and El Salvador,

The' Reagan Administration .
itself does not appear to have
too many strong supporters of
Argentina in its inner councils,
despite the initial suspicion of
the resentful British public.
“There was- never any. doubt'
in anybody’s mind that we
would support Britain if there
was no peaceful solution,* 1 said
a senior State Department
official “Both the British and
Argentine Governments knew
this from the first day of the
crisis. The British specifically
agreed, and they said this
publicly, that evenhandedness
would give us the best chance .
of finding a negotiated solution.

“But in the rest - of Latin
America it’a not at affi dear
that oar relations- have been
damaged by finally backing
Britain, WeVe made it evident
that we will not tolerate military
solutions to territorial disputes.
We have made no conunitmesit
on sovereignty or self-deter-
mination In the long run, most
Latin American countries will
approve of our stand . ou the
principal:., of nun -aggression..
There are at . least seven other
border ' deputes”' 5 In 7 -Latin'
America (most important are
between Belize and Guatemala,'

Venezuela and Guyana, and
Chile and Argentina).

If this account of U.S. policy
is accurate, then both the U.S.
and the British Governments
obviously fatted badly in their
public relations by allowing
their domestic media and poli-
ticians to gain the impression
that' U.S. support for Britain
was highly uncertain. The worst
effect of this was to provoke
invidious comparisons between
the relative importance of
Britain and Argentina as allies
and indeed between Nato and
the Rio Treaty.

Sera idling the surface of
many Americans’ attStudes, one
can find strong support for U.S.
isolationism. With a ..Ettfe
provocation people were quot-
ing the Monroe Doctrine as if
it was a universally accepted
ordinance of international, law.

. For the far right, the weeks
of uncertainty about the Reagan
Administration's firtal decision
were an Invitation to compare
Europe’s lassitude on Poland
with Latin America’s support
fibr U.S. policy in El Salvador,
Nicaragua and Cuba. ^ .

AH the talk did not amount to
very much, but the Falklands
episode will undoubtedly
a bitter taste for both sides, of
the Nato alliance. If; however,
US. public -opinion .backs svtSF
from - .Britain in the weeks
ahead, nobody should, attribute
this to its love'- of South
■American dictatorships It ** .
just that' the Americans are ^ .
t o - see- ' sir -*fri ends dying
out-of-the-way places.- for what,

to ‘them, are shadowy' causes.*

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Pan Am invented

It is difficult for us to
imagine today the thrill of
flying on the China Clipper
from San Francisco bade in
1935. The eighteen hours to
Hawaii was considered a
mirade, spanning the Pacific
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But all the passengers
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attentive stewards in sped- pj

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The passengers dined from tables
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china and the silver was real.

Fresh food was taken on board
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between fresh pineapple and French
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the sun across the Pacific.

on

V v.-.

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First Class Mote spac^ more privacy more comfort

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PanAms Erst Class seat
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The ideabehind our Sleeperette®
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OVERSEAS NEWS

‘ - Fmancial Times Thursday Mayyfr- 1982

Michael Thompson-Noei reports on cuts in Australia’s aluminium sector

Hard times for the ‘Cash-a-Can’ kids

AUSTRALIAN stocJ: markets’
have for months' felt the effects
of the recession that has
gripped the mining sector, and
brought the country's much-
touted resource boom tem-
porarily to a- hail.

Yet it was only recently that
the mining recession came truly
home lo roost, when Alcoa, of
Australia announced it was cut-
ting tiie rate pay back for used
aluminium drink cans.

Alcoa', the country's largest
aluminium • concern, operates
307 Cash-a-Ca'rf centres across
Australia.- Last year, it paid
AS3m (El.TSra) for 32&n used
cans. •' which were then. . re- .
cycled. Times are hard. -though,-
and Alcoa has cut the used-
can rate by 22 per cent, to.the.
consternation of the children
who collect the cans at sports
grounds, and. rely on them for
pocket-money.

It is the gloom in the
country’s bauxite. alumina,, and
aluminium -businesses- that
probably best typifies the prick-
ing of -the resource bubble. As
recently as 19S0. the Depart-
ment of Trade and Resources
in Canberra, was predicting that
by 1985. Australia could
become the world's largest
exporter - oF primary,
aluminium exporting lm^
tonnes a year, worth more than"
ASt.obn at .then-current prices.:

The forecasts are slipping,
however. The slump in world
aluminium markets, togeiher
with rising domestic costs in
labour and construction, has

meant the abandonment or
deferral, of .numerous major

Qessji ock. New South. -. Wales,
■which would have .boosted capa-

projeets; and a ■ -severe re-- city from 90,000. to. 133,000.
appraisal of Australia’s ability tonnes: .

to claim her place as a major
aluminium supplier — .even
though she is the world's lead-

• Broken Hill Proprietary, Aus-
tralia's biggest company, -has
abandoned plans to build a

alumina.

producer of bauxite and A$60Qm aluminium smelter at

Lochinvar in the Hunter Valley,
New South Wales. The original

In recent developments: New South Wales. The original

9 Alcoa sit'd ft was show to W ' consortiom consist^ Alums

SU .-ut.ua &aiu ri was huuul iu . x /<>c

its newest alumina refinery, at ld5 .per eent)^ BHP (35 ' per
Waserup. just south of Perth, .cent), and a group of Japa^sc
'in mothballs, until at least next ' ”* ludjn * Mlt5Ul -

year. Jjavyig .spent ^AS320m on_ P? 3 0 CQnd

the first stage. There are also

renor ted to be problems with
its new Portland aluminium
plant in Victoria. It is reckoned

• C o m atco. Au s t ralia's seeond-
biggest integrated aluminium '
producer which began. ,pro-_
during aluminium metal at a'.

3 ® • ■«* MS* 0 * smelter at. Boyne

■ 1 !* U i? a'S^ViSSlT IsIand - Queensllnd. only in

just to maintain wa March , reported a slump in
Alcoa s n« profit in the March “gj ' P f0r ‘rfdBir^bm"
quar.er showed a modest 7 per ^ ^ t0 A $28.4m. It warned
cent falL to AS~2m. but -that — international — compamcs-

, probably not escape so lightly were re-assessing Australia's
in the rest of the year. investment attractiveness, be-

© Partners m- the ASIbn. - of .< discouraging pres-
Worsley -alumina refinery; in su j- es "■ which could not solely '
Western Australia, are reported - ^ attributed to' downturns in
to he anxiously seeking con- : ft* business cyde\ . . . • "

tracts for the’ Ini tonnes it is ^ partial antidote to this
initially designed to produce., run of bad news, CRA;'- -which.

The partners -are Reynolds of
the U.S:. Shell Australia,
Broken Hill' .Proprietary (BHP);
and Kobe Alumina Associates of
•Japan. .

owns* 45 -per cent of Comalco,
said last month it wks paying
A$lO0m for a 50 per cent stake-
in "Show a Aluminium. Indus-
tries, the aluminium.' •. smelting,-

•iu^qji. ... uic oimwj.iuuu*. -

ft Alcan of Australia, which has fabricating and marketing arm
alfeady cancelled a proposed of the Showa Denko Ghoupof
296,000 tonnes-a-yfiar aluminium- Japan.- '-.

smelter at Goodwood, in Queens- ' The move reverses* ffie trend
land, .postponed construction. Of ' towards Japanese investmetit in'
a third potline worth AS149m at Australian resource companies,
its Kurri-TCurri’ smelter, hear signals the start of Australian

Israeli opposition joins
attack on army shootings

BY DAVID LENNON IN TEL AVIV

MODERATE Palestinian mayors
and members of Israel’s opposi-
tion Labour Parly yesterday
launched a fierce attack on the
way the Israeli army has
handled the recent disturbances
in the occupied West Bank and
Gaza Strip, during which some
15 Palestinian youths have been
shot dead by Israeli soldiers.

But General Rafael Elian.
Israeli Chief of Staff, denied
yesterday that there had been
any change of policy towards
demonstrators in the occupied
territories. Every shooting by
soldiers had been fully investi-
gated and in no case had army
regulations been infringed, he
told -the Knesset foreign affairs
defence committee.

On the West Bank, four
Palestinian students died yester-

day when an old land mine they
were believed jo be handling,
exploded near Jenin. In the
Gaza Strip, two Palestinian
refugees were shot in the legs
bv Israeli soldiers when resi-
dents of the Jabalya refugee
camp near Gaza attacked an
army past with stones and a
petrol bomb.

Mi 1 Rashad al-Shawa, the
Mayor of Gaza, yesterday des-
cribed as “ barbaric and shame-
ful ” the methods used by
Israel to crush the demonstra-
tions. The Gaza mayor, a noted
moderate, said he did not see
any end to the clashes with the
army.

In the Knesset foreign affairs
and defence committee members
of the Labour Party were
sharply critical of the shooting

of the young demonstrators. Gen
Haim bar-Lev, a ‘former Chief
of Staff, said that there had been
a drastic deterioration of the
situation on the West Bank and
in the Gaza Strip since the
establishment of the Israeli
civil administration at the end
of last year. • -

Bombing at
Lebanese

mosque

- By Nora Botutany in Beirut

ANOTHER attack against a
mosque in Aramoun, south-
east of Beirut, has injured
four people and heightened
fears of am outbreak of
sectarian strife unprecedented
Since the civil war of 1975-76.
• - A car bomb blew np in
front of the Azbari Mosque,
close to the home of the
spiritual head of Lebanon’s
Sunni Moslem community.
Sheikh Hass an Khaled.

invqlvementMq’ specialised min-
erals processing in Japan, and
gives . Coinalco (of whom an-
other 45 per cent’ is owned .by
Kaiser Aluminium of the U.S:)..
preferred’ access to .Japan ’for
sales to Shows, provided the
Australian aluminium industry
remains price competitive. ■

Japan -has cut' back heavily
on her own aluminium smelt-
ing capacity ol late, because of
the onerous " cost " Of ' oil-fired
po\rer ; - ' • : « : ....

As with ' other minerals,

- metals, -and ■ mining- products,
Australia 'has the .resources- to
mike' a major impact on the
world aluminium; stage* • Hut is
' it .surrendering even squalid-
eringn-itsedge? ....... . j-

Australia’s -.bauxite reserves
are put at about &18bn -tonnes,
of - which 4.44bn are classified,
as economic. ' Preliminary esti-'
mates put '“its'* -bauxite ■ .pro- .
duction last- year at 25.9m;
tonnes. -Aluguha- production in
19S1 is estimated at 7.1m.
tonnes. - ' Cuitent "capacity is
7.5m tonnes, and projected .cap- '
acity by 1985 9.'4in tonnes. .

It -is at ; the aluminium stage
that the most Painful cutbacks .
and re-vamping of » forecasts •
have been made:. .

In 1980,' Australia produce-d-

304.000 tonnes of aluminium. In
19S1..5t produced an estimated'

379.000 tonnes. .

Two years ago, it was fore-
cast that by 1985, Australia
would he smelting* L2m Jo 1.3m
tonnes of aluminium yearly, But-,
the cuts and deferrals have

Suharto
set for
landslide

By Richard Cowper in Jakarta
PRESIDENT SUHARTO’S army
backed “ new order " regime in
Indonesia seems set to win its
third landslide election victory
in a row following charges of
unfair play by the country’s
leading opposition group the
Moslem-backed United Develop-
ment Party (PPP).

With around three quarters of
the potential 82m votes already
counted, it appears that the
Government’s Golkar (functional
groups) Party may even, im-
prove on the 63 per cent share
of the total -vote it won during
the last general election in 1977.

According to preliminary .
results . issued^ by. Jndp.nesi^’s
general election committee yes.
terday Golkar has so far won
64 per cent of the votes counted,
with the PPP taking 28.1 per
eentr ■ *'• T

msmw i ht * Bn

~ -rj feritaj

h vSJ WeslarR IntriHi

"ALCOA PUTS 555 p) * ' . • I

ALWWABOttSY . ■; ' \

■ ■wwia . I \

WOBSLEYtttaBIABffftBT ^

nmmrmr * IMKUtc 1 MB MKHmli

- *r} IfffitfflJ ; - . . [ «S«aBg ^PBW^

9 EUB

fieusiiif

jSJtatnia

B0raiBU.n0RSIUfMX

pmiFWiBcawasiaiEa

ImifMiBui attar ~

OWKEBS'AWCHHg OVP COIfTgAC7S 'g

ewsmenwHOBB

CDHNSmTS

been such . that Caoberra - said '
this week Us -eurrefit projection :
for 3.985 was' 975,000 tonnes, and
even that '‘may ie optimisticr '* •

Indeed, a Sydney research com-
pany, Ans traliaa. Mineral £cono-.
mka, said lasi~wedk fbat k'
expects Australia. 1 to be "account-
ing for 'only 6.6 per cent of '
world aluminium capacity by
1985, compared with ah earlier
forecast, less than 12 months-
ago,. of SB.peir'-centf - 1: '• •*•'

The cost of ' the "finished pro-
duct is the. key, which Is why
Alcoa cautioned recently that
half the .".world’s aluminium
capacity relies 'on hydro-elec-
tricity, the - cheapest form off
electric power, .and that major
new capacity coiming cm- stream .
would iise either hydro (Brazil, .
for example)^, or cheap Kiddie
Eastern gas. "-**. •

To compete^ Australia must
strive to use its- vast reserves -
of coal cheap ly , - although Alcoa _
-calculated - recently . that -Us?

Port "Henry aneiter in Victoria
was being charged; • cents per
kilowatf hour for electricity,
compared with an -international
average of L3 costs per kwh
(eaduding Japan), or 1-.6 cents
per kwh (including Japan) . But
there ^are- other cost -pressures,
including freight (to say-nothing
of maritime strikes and demur-
rage charges), wages, construc-
tion,. aod government tax.

' Hr Johii Ralph; the Gomalco
chair man, Warned recently of
“a_ real: danger: of collision
between . expectations . - and
reality,? and .said. Australian
trends in. labour costs, govern-
ment charges/, . and inflation,
gave- grounds; for serious worry
about the country’s future com:
petitiveness.

if nov^era ^se, his remarks
may., have found a receptive
audience among .the Cash-a-Cac
tods scurrying to ooUect'empty
drink -cans at the- local game
ofLfootie. ..

Strike closes Volkswagen
plant in South Africa

BY BBINARD SIMON Hi JOHANNESBURG

line taken by strike-bound
employers recently.

Besides Volkswagen, the in-
dustrial unrest is centred on
metal and engineering factories
on the East. Rand near Johan-
nesburg. Companies affected
include subsidiaries of Anglo
American, Anglo-Transvaal In-
dustries and Abercom.

Workers in the engineering
industry are demanding imme-
diate wage increases. The in-
dustry’s largest black trade
union has refused to take part
in the current round of wage
negotiations being conducted
with employers through the sec-
tor’s' industrial council. The
union insists that collective bar-
gaining should take iplace at
factory, rather than industry,
level. • 1 ’

i—o — ————— — f— — —i——— —q— i

A RASH of strikes by blade wor-
kers has brought almost a dozen
plants in South. Africa to a
standstill. By yesterday, about

9,000 workers were on strike.

The most serious stoppage has
been at the assembly plant of
Volkswagen's local subsidiary
near Port Elizabeth, where 5,600
workers have downed tools in
protest against the retrenchment
of 316 colleagues last month.

The lay-offs are a result of
weakening motor vehicle sales,
and Volkswagen — like several
other motor manufacturers —
is cutting back production.
-.According to a Volkswagen
spokesman; the 'workers have
agreed- -to return today. The
company refused to negotiate
until the strike was called off,
reflecting the increasingly tough

or reco

■ (13
ir

. i •’

BY TONY. WAUCER JN P0WNG

CHINA IS . budgeting for a J
record grain harvest tills year
despite -a .severe drought in :
several ttf its northern wheat- <
growing provinces. . •

Projected grain output for
1982 is" 333m tons, compared ]
with 332m tons , in 1979, a <
retold year. As . China's for- j
ward grain production estimates I
have been conservative in recent <
I years, it is possible output could - -
be higher. .... ,

China's grain production last <
year totalled 825m tons, accord- 1
ing to figures released last week /
by the State 'Statistical Bureau. 3
The projected • grain output j
figure was induded 6n 4be 1982 <
plan outhned to a meeting of i
the standing committee of the. 3
National People’s 'Congress by <
Vao VIHn, China’s Slate planning t
chief. i

According, to - . Yao, China’s <
growth rate this year win be ’ 1
about 4 per cent, murii the same j
as last year. :

Western agricoitural experts ■ «
in. Peking, are surprised China 1
should be budgeting for a i
record harvest this year, given .<
the drought. One official des- <
erfbed the estimate as “ pretty j
optimistic.” . . A

Provinces affected by the t
drought include Hebei which <
encloses Peking, Shandong to .
the east of the capital, Henan to <
the 'south and Shanxi to the i
west The worst-hit area is 2
south of Peking near Shjiaz- 1

huang. Hebei’s provincial cas>i-;
tal. The United Nations disastc^
relief organisation has " beefts
channelling , food, and medicin^d
to this area.

Petotig is facing a water supal
ply crisis/ Water levels in <h?sd
city’s maia reserverirs are dam®
gerously low end peasants are
being forced to dig weafes
deeper, thereby '- lowering theq
water - table. - -

The 1982 plan provides for: *
ft A budget deficit of abound
8h7bn,.' in line with esi4matea4
given to* a meeting of . thft/
National People's Congress la^)
year. .d

• Oil production of about IOOqm
tons, much the - came as last]
year.

• Coal production of 625m tona^
np 5m tons-.on. last year,- 1..

Increased output of industri
crops such as cotton. . ’

• A further reduction in stee^
production as part of the . re- •
adjustment of the nation^
economy which gives priorimj
to light industry. Steel outptifl
will be down by about 4.p^'
/-»m to 34m ton*.

• $1.9bn to be set aside foe tos*

repayment of foreign loans. -
ft Spending of $l6.5bn on capi-
tal construction, a. 28.8 per rertg
drop' on last year. S'

Yao . warned that CbinaX-
economy still faced .danger
from inflation and he urged tha*
strict control be kept on prices .
and the operation of the market^'

Shipbuilding drive

BY OUft PEKING COR*EH*ONDENT

A SIGN of China’s determina-
tion to step up its sfeipbuflding
activitias was the establishment
this. week of. a new corporation,
to oversee the country’s ship-

offshore drilling rigs for espoife 1
The FT. in its report yesterd#
of the Chinese bureaucratic j
changes, may have jtiven the im-
pression that ati but one of tte

yards. Tbe China Sbipbufiding Machine BuBding Mimstrieg

Corporation win take over the
responsibilities of the old Sixth

were to be abolished. - 1

TSiis is not the case. Fw

Ministry of Machine Building ample, the Third Ministry- $

and also the functions of the
Ministry of Communications as

Machine Building; previously
responsible for aviation,

they- related to ship construe- becomes tbe Ministry of Ay%

tion.

In the past three years China

tion industry.
The Seventh

Ministry

has made good progress in its -Machine Building becomes tiiei
shipbuilding activities. Accord- Ministry of Space Industry. The
mg to a recent People's Daily Second Ministry becomes tip'
report, 34 ships of more than Ministry of Nuclear Industry j
10,000 tons each have been ex- Accompanying the name!
ported since 1979. Some ship- changes will be administrative 1
yards are also starting to buM shakeups.

New Issue
May & 1982

AS of these bonds having been placed/fhis an-
nouncement appears for purposes of record only-

INTERNATIONAL BANK \

FOR RECONSTRUCTION AND DEVELOPMENT f

Washington, D.C. j

DM 200,000,000

8 V 2 Y 0 Deutsche Mark Bonds of 1982, Due 1992

Interest: 8%% p^u, payable annually on May 1

Offering Price: 100%

Repayment . May 1,1992 at par

listing: st all Getmarr stock exchanges

^onako®^

Dresdner Bank

AttieoseseUschaft

Deutsche Bank

AkfiangBsaiisriiaft ;

Commerzbank

Aktiengeselbachrit

Westdeutsche Landesbank
Glrozentrale

'ADCA-Smk
AUBa jadM at
AUgemeine Deutsche CredJt-Anstalt
patHscne Room»ma» umnftSftfH DC
— Gbuzsotrale —

- Rnmacto Lmdasbask
' Girnentrata

BerilncBank
-Aklreogesrilschaft
Bremer Landesbaidc

Deutsche Bank Saar
. Aktiengesellschsft.
peotsche Undeihank

AJctiengeseCschaft
..HaBbaum, Maer A Co. AG
-.LndkracOtbank-
Georg Heuck & Sbhn Baiddos
Kommamfitgeseitschaft auf Aktien
Bankhaus Hanann Lamps

Komman diesel Ischaft

Landesbank SdteWftHcteata

•Qm aaatial e

NafionatBaide

AkdengesellaMt

SdOppenhehi^fiCk,

ScfarSder, Mfinehmeyer, Hengst & Go,

•ULStft

MM. WsAog^Midannft WfittzS Co.

BanMuas H AifibSuser

B3m TUT ud WUWJIUmk&D

Aktiengesellschafr

BaycnscrtB Vwsin&uSaC
AfctfengeseUschaft

B«ffiMrHsndeb-imd!TanlAirtsrBail;

KehardDous ft Cn. Banjdara
vorrrais Hans W. Petersen
Deutsche Srez e nfiiri a '

~ Deutsche Kommuna&aidt -
Conrad HkirichDonoer ■ .

Ha mburgsche Lmdeshat^

- Gkozentnla —

HesRscfas landesbank -

- Gt r ozontr ale -
Lndeabank RhetalandPfafe

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Gkmsenuale

Beosehd&Ga.

SchwSMsdie Bade
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MnMt '

Akttengesefiachaft

Badu-WurttambatfsttaBank ■ ■ • -

Attwngewtechrft ■ £

BayerischfcH y pothriew-iBid Wedisri^aric - 1

AJdtengesenschaft •' >

Jafa.Bereidi«g r Goiaier&Coti - •

ft

Bwifchttts GabruderBattoap

DaBaucit&jcau /' ^ ‘ y '• : -$f

DGBank ■ - - ’ ' y ■" -

fti, 1 1 ft—BAMiiBiicilMAnlMkCr . _ _ _ ■ *r ft

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e— — — — K

1— ■— a

•y e

■P^^,Tia^s Thursday May 6 1982

WORLD TRADE NEWS

UK to tighten

5t

“Syjb

1^4 %

T^aSSS

sc* W?

,^-SX
1P,tSC <:
C -0n r ,r ,.

r .'.:<n:j, - , 2r -
j v--r..; r,, r " ! 5,y

« »»•/*.

export credits

BY MfCHASL HOLMAN AND QUENTIN PSL

.,• ■! 4*
at «M| :

•«: ; ..
font,
■ 6

.*? l-^r

-i.j

/r«

1 3(-»i *

r. .o- " w

i

3V-V;? *7

1 !TJ “ :

• 7! TO'*.

; n T ? ^?

^ ^

L

■ 1 •"•’

PS-

■r-' J*

EXPORT: CREDIT guarantees
tor trade with Nigeria wil only
be> awarded ter normal ' credit
terns of up to 180 days, except
for major contracts involving
capital goods, British exporters
were warned yesterday.

Rules on the granting of
export insurance with Nigeria
will be, if anything, more
strictly enforced in' the wake of
the Nigerian ■ gorcrmnetd’s
pfempdown on imports
announced last month, air Joe
WUmot of the Export Credits
Guarantee Department (ECGDJ
told ■ a London conference
yesterday. '

"British exports to Nigeria,
which, last year reached '£l'-5bn,
are likely to be cut by as much
as £500m this year because of
the curbs, and cons ume r goods
exports will be the hardest hit,
the traders were told.

V Tbe . aim of the Nigerian
measures, announced by Presi-
dent Shehu Shagari on April 20,
is- to cut the monthly Import
Dfll from an average fjl.Sbn to
Sl^bn, because of a monthly
trade deficit of around S600m.

■ Details of how the Nigerian
moves will affect exporters were
spelled but at a conference of
the . London Chamber of
Ctmunerce and Industry by
officials from the Department of
Trade, the ECGD, and Nigerian
trade specialists from Standard
Chartered Bank and the
Socidte Generate de Surveil-
lance, the company responsible
for pre-shipment inspection of
virtually all Nigerian imports.

Mr John Rivett, of the busi-
ness development division of
Standard . Chartered Bank,
Warned that the new regula-
tions, including higher import
duties, stricter licensing of im-
■flbrts, extension of the pre-
shipment inspection scheme,
and a slowdown on all new
capital projects, would last at
least until the next budget in
October, if not for a full 12
months.

' Nigeria's trade balance has
been drastically affected by a

slump in its oil production,
down from some LSm barrels
a day in January to an average
of little more than 900,000 b/d
In March.

The fall in oil earnings has
seen a consequent drastic fan
in foreign exchanges reserves.
These have fallen from Naira
5.6bn (£4.6bn) in October 1980
to Naira 3.4bn by the end of
last year. At the end: of March
this year, said Mr Rivett, they
had dropped to Naira L3bn
and are now thought to be
about Naira TQOra— only two
weeks’ import cover.

" Pre-shipment inspection is
here to stay," Mr Rivett warned
the seminar, pointing out that
the policy is estimated to have
saved Nigeria Naira 557m in
three years.

Tinder new measures, pro-
shipment inspection w3I be
mandatory for all exports to
Nigeria above Naira 5.000. But
Mr Rivett confirmed that “all
invoices about that figure will
be subject to pre-shipment pro-
cessing by the Central Bank,
who will determine whether or
not inspection is required,” and
it is expected that the majority
of goods between Naira 5,000
and Naira 10.000 will be
inspected.

Under the new measures the
Government has introduced
what is effectively a priority
import list with tbe level of
deposits required from impor-
ters ranging from 50 per cent
for food (except rice, which is
exempted) to. 250 per cent on
passenger cars.

The deposits— which are non-
interest bearing— are payable
when Form H (the essential
document for foreign exchange
remittances) is submitted to
the commercial bank.

’‘Unless the importer com-
plies with this requirement.”
warned Mr Rivett, ” no foreign
exchange will be released.
Banks will issue a credit advice
quoting the relevant Form M.
■and it was “ essential,” he told
the seminar, to obtain a copy
of Form M at an early stage.

■* CHARLES DE GAULLE AIRPORT

two— a

HtHMHm

tri?

radical departure

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

fcsni*

■cdis*

tSft

BUSINESS AND other travellers
between London and Paris by
Air France are now using a new
fecility — Terminal Two at
Charles de Gaulle Airport
{called CD 9-2) at; Roissy —
■yhich has just become fully
operational

; Built at a cost of. more than

f lOOm, it represents; a radical
eparture from the original cir-
cular-shaped Terminal One at
Charles de Gaulle (CDG-1) by
reverting to the ‘linear’’ con-
cept (that is, with the buildings
along a line on either side of a
inain access road).

S The Paris Airports Authority,
jvhich designed and built both
terminals at Charles de Gaulle
gkirport, found that the circular
shape of CDG-1 proved too com-
plicated for both airlines and
passengers.

o. Air France, which together
with Air Inter, the French inter-
nal airline, are the sole users
CDG-2, preferred to.retum to
the linear concept, because of
the easier handling it provided.
tor both passengers and baggage.
« The new CDG-2 terminal wag.,
first opened late last year,, and
throughout the winter both Air
prance and Air Inter have pro-
jgressively moved into it.

« It is now the main base for
ffcir France's . short-haul Euro-
~*an flights, and for most of its
rag-haul operations, although
jjme long-haul services, such as
Shose to the Caribbean, still use
SDrLy Airport, on the other side

ao f Paris. ..... .... .

2 Orly Airport is being retained
5f or many ■ French domestic
^flights, for the Caribbean and

&oane other long-haul operations,
&nd many European short-haul
^flights by international airlines;

* The move by Air France from -
^CDG-X to CDG-2 has been dic-
tated by growing congestion.

CDG-1 .is now virtually at
saturation point of 10m pas-
sengers a year — it is used by
long-haul airlines serving
Paris as well as many foreign
airlines short-haul including
British Airways and British
. Caledonian.

The new CDG-2. with its two
curving terminals on either side
.of the main access. .road (CDG-
2A and CDG-2B), is capable of
carrying up to another 10m pas-
sengers a year CDG-2A, on one
side of the access road, is for
Air France long-haul flights,
while CDG-2 B on the other side
of the road is for short-haul
flights, including those between
Paris and London.

“ One of tbe problems that this
move has thrown up Is that the
original concept of a Channel
Air Bridge, with both British
Airways and Air France operat-
ing from the same locations in
both Heathrow and. Charles de
Gaulle is now disrupted.

In London Heathrow, both air-
lines use the new Eurolounge,
which links both Terminals One
. 3Pd_ .Two, __ with a common
"departure and "arrivals gate
system.

In Charles de Gaulle, whereas
both British Airways and Air
France formerly used the same
gate system in CDG-L now only
British Airways (and British
Caledonian) ,1150 CDG-1 whilst
Air France has moved its
London flights to CDG-2.

British Airways was offered
the chance of also using tbe new
CDG-2, but declined because it
could not get its own handling
operation there.

This split in the Channel Air
Bridge at the Paris end may
prove inconvenient for some
transit passengers, but there is
a shuttle bus service between
CDG-1 and CDG-2.

■ w t \— vw

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Swedish
group wins
£24m South
Yemen deal

By William Dufiforce, Nordic
Editor, in Stockholm

ABV, THE Swedish construe*
tion group, and Compagnie
Francois d’Entreprises (CFE)
of Belgium, have won . a
SKr 250m <£24m) contract to
build a harbour at A1 Muk-
alla in Sooth Yemen. The
order was placed 'by the Smrth
Yemen Part Authority.

The harbour, located some
709 miles north-east of Aden,
win contain a quay SO
metres long and will be cap-
able of receiving vessels of np
to 10,000 tons. It will also
serve as a fishing harbour,
ABV reported yesterday.

Work on the project is to
start Immediately and the
contract stipulates that it
shall be completed within two
years. Building materials
and machinery win have to be
conveyed to the site by sea.

ABV, Sweden’s second
largest construction concern,
expects to reach a turnover
this year of around SKr Tbn,
of which roughly a quarter
will be generated outside
Sweden.

While ABV has been active
abroad for only 10 years,
CFE has been h»ititHng
foreign contracts since tbe
1940s. CFE has an annual
turnover of around £400m.

The emphasis in the carrier market is on demolition, not buying, Andrew Fisher writes

‘Tankers for scrap’ sales rise sharply

“ IT BROKE my heart to sell
such ships for scrap,” said a
rueful Mr Ronald Ilian, bead of
BP Shipping, of the three big
tankers sold by the UK oil
group for demolition last year.
Apart from the need to dispose
of them et aH. he was particu-
larly sad that the VLCCs (very
large crude carriers) were
equipped with the latest safety
and anti-spoliation equipment

But the emphasis in the
world’s tanker markets has for
some tuna been on scrapping
rather than buying VLCCs or
ULCCs (ultra large). In tbe
first few months of 1982, the
pace of sales for demolition has
risen sharply. But shipping
experts still feel there 4s a
long way to go before the vast
tanker fleet surplus comes
down by anything like enough.

While- the activities of a few
errant Argentinian scrap metal
merchants on the former whal-
ing island of South Georgia
may have caught world atten-
tion before Die Falkland
Islands were invaded, the
demolition needs of the inter-
national tanker owners are on
a much larger scale. Last year,
a record 40 VLCCs were sold
for scrap, representing 5 per
cent of the world VLCC fleet.

So ter tins year, at least 8m
deadweight tons of tankers
have been sold to the breakers,
well over half the figure of over
13m tiwt for an of 19SL Exxon,
the major U.S. oil concern, has
disposed of five VLCCs of
around 250.000 dwt each in re-

cent weeks, thus appearing to
bear out Mr Ilian's remark that
u 1982 will be a watershed
year.”

Mr Ilian’s pessimism was ex-
pressed at a recent London
meeting of the International
Maritime Industries Forum
(IMJF), a grouping of ship-
owners, shipbuilders, bankers
and oil companies. He reckoned
that equilibrium for the tank-
er fleet was as far away as ever.

Many operators. Including oil
companies, would have to make
np their minds whether they
want to stay in the shipping
business, he commented gloom-
ily. It could well be as late as
1987 before supply and demand
at the larger end of the market
started returning to balance.

Apart from recession, the
ranker sector has suffered from
tbe changing patterns of world
oil trading. With more crude
oil coming from sources like
Alaska. Mexico, and the North
Sea, there is less need for super-
tankers to saU to and from the
Gulf.

The size of the world tanker
fleet is about 360m dwt. includ-
ing combined carriers which can
also be used for dry cargoes.
Oil and shipping experts gener-
ally reckon that only 250m dwt
or so of oil carrying capacity
will be needed up to and be-
yond 1985, thus leaving a huge
surplus.

If the IMIF bad Its way, more
would be done to promote
scrapping around the world. But

i Many operators, including oil companies, will
have to make up their minds whether they want
to stay in the shipping business. It arald well be as
late as 1987 before supply and demand at the
larger end of the market start retarning to
balance?

WORLDWIDE SHIP DEMOLITION
{mi! Don dwt)

1977 1978 1979

1980

1981

Dry cargo/
pauengar.sftips

Tankers

U

9.2

U

14.8

4*

55

2 S

15
1 35

Total

11

20

103

105

15

Sourest R. S. Pbtou, Oslo

* scrapping is a tinpot indus-
try,” noted Mr Michael damp-
ness of tbe London shipbroking
company of John I. Jacobs, who
was also at the IMTF meeting.
“ It is gravely undercapitalised.’’
Taiwan leads tbe world scrap-
ping league and last year took
32 VLCCs for demolition.

Taiwan has 10 berths
theoretically capable of
handling 60 VLCCs a year, or
some 15m dwt South Korea,
which took eight VLCCs last
year, is tbe next largest force
in the industry. Altogether,
total world scrapping capacity

is put at np to 20m dwt a year.
But there are still nearly 200
ships of the type most vulner-
able to scrapping— tankers of
200.000 dwt or more built up
to 1972.

On this basis, there are some
years to go before the tanker
fleet matches demand. Organi-
sations like the IMIF and
Intertanko (International Asso-
ciation of Independent Tanker
Owners) want to see more
countries develop demolition
capacity. Nigeria and China
are two possibilities.

“If you can build a shap.

you can demolish one." said
Mr Champness. who would like
more shipyards to tom in part
to scrapping rather than build-
ing. As for end-use, the IMIF
has been trying to interest
European construction com-
panies in using rerolled steel
from ships, but with no real
success to date.

-Earlier this year, a minor
scrapping landmark was
readied when Pakistan took its
first VLCC for breaking up on
Gadeni Beach. The French-
owned Brumaire was sold for
under $4m. Built in 1971, the

230.000 dwt vessel was in
“ superb condition,” said Mr
Peter Greeohow of Harley
Million, the UK shlpbroker
which fixed up tbe sale. “It
was a casualty of the shipping
market”

He was on the ship in
February is it was taken to
the beach, which already had
90 vessels of various sizes and
stages of break-up. The
Brumaire will probably yield

34.000 tons of steel and be
demolished by July. If the
price is right, he hopes to sell
Pakistan another VLCC. But
tbe world steel depression has
not helped scrap prices.

In - these tough shipping
times, the grim business of
sending ships to the graveyard
is as welcome for brokers as
any other. Mr Greenhow
reckoned that between a -third
and a half of his company's
turnover came from ship sales
for demolition.

.'.79 i

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Draft: For Presentation at London Board Meeting, July 1982
Prom: General Manager, North American Operations
Re: Our U.S. Activities

When we last met, we discussed the need to improve the firm's
image in America. It now seems advisable to summarize our
discussion and make a formal recommendation.

American corporations will spend an estimated $1 billion on
corporate advertising in 1982. While such advertising may
appear self-indulgent to some, Americans understand its purpose:
to establish identity and build awareness.

Aside from those objectives, we should consider corporate
advertising as a means of supporting our plan for acquisitions,
and attracting potential joint venture partners and employes.

If corporate advertising can help achieve these goals (and the
experience of American corporations suggests it can), then funds
so devoted will be well invested. Such a strategy should be
considered a long-term investment, not unlike an investment in
capital goods.

The cost need not be exorbitant. A campaign to run exclusively
in The Wall Street Journal, the medium preferred by American
business, will suffice. I stress the importance of maintaining a
corporate presence in this publication. It is an institution in
America, read by nearly every executive one encounters
throughout the U.S.

As Manager of North American Operations, 1 request approval of
the attached budget for an initial program. With Board
approval, I shall authorize our advertising people to begin
preparation of proposals*

end.

•

X .

■Ibsen

The Wall Street Journal. As basic to America as business itself.

: Intemational Press OtP&e, 76 Shoe Lane, London EC4, England • 4 tne de Castiglione, Baris 75002, France • S avi g i t yafaa sse 29, 6 FzanUhrt/Mam V T&at Germany

task ala

8

• FinaiaalTitt^ 1982

UK NEWS

i

Jenkin firm
on private
role in
electronics

By Guy de Jonquieres

the development of

Britain’s electronics • industry
must be guided by the com-
mercial judgment of the private
sector, not by goveriunejit, Mr
Patrick Jenkin, the Industry
Secretary, said last night.

While the Government was
prepared to support and work
closely with the industry in key
areas, he said: *' It is the in-
dustry that must be prepared to
concentrate its energies where
the prospects are brightest."

“If companies dfl not have
the prime responsibility for
their own research and develop
ment and their own market
strategy, surely we will simply
perpetuate that comfy over-
dependence of the industry on
Government patronage which
many see as one of the sources
of our problems."

Mr Jenkin’s remarks were
clearly directed both at
electronics companies and at
the National Economic Develop-
ment Office, whose elctronics
. committe called on government
earlier this week to join with
manufacturers and trades
unions to chart a selective
strategy for the industry’s de-
velopment.

More =hould be done tD
improve Britain's performance
in the world electronics market.
Mr Jenkin conceded. But he
made it clear at a dinner of
the Electronics Engineering
Association that he was un-
happy with several conclusions
of the committee's report.

He rejected the accusation
'ifiat the Government was
responsible for the electronics
industrv’s failure to exploit
fully the commercial aoplica-
tions of technoloev generated
by defence contracts. Although
Government contract pro-
cedures should be improved, he
suggested that much . of the
blame lav with industry.

“Is it possible that the
relative security of cash , flow
from defence contracts tends to
be .seen as a cushion rather
than as -a springboard for risky
international business outside
the defence field? ” he- asked. '

. Individual . companies might
choose to concentrate on selec-
ted activities, leaving other
markets to their competitors.
But while NEDO recommended
that such decisions should be
taken as part of a broad national
strategy. Mr Jenkin said they
should be up to the companies

Inquiry announced into

r

S

BY HAZEL OUFFT, INDUSTRIAL CORRESPONDENT

AN INQUIRY into the financial
future of Britain's railways was
announced yesterday -by Mr
David Howell, Transport Secre-
tary.

The inquiry’s chairman, Sir.
David Serpell, a former senior
civil servant, is being asked to
report back to Mr Howell in
five to six months, which indi-
cates that the Government views
the matter with some urgency.

The inquiry's terms of

ference are “to examine the
finances of the railway and
associated operations, in the
light of all relevant considera-
tions and to -report on options
for alternative policies and
their related objectives, de-
signed to secure improved finan-
cial results in an efficiently-run
railway in Great Britain over
the next 20 years."

re-'

Mr Howell, in a written
answer in the Commons yester-

day, said he expected the con-
clusions of the committee “ will
illuminate the- options which
are open and so provide a firm
foundation on which my col-
leagues and I can establish dear
objectives an$ make justifiable
financial provision for the
future of the railways."

Sir Peter Parker, BR chair-
man, has been -pressing the
Government for a review for
the past year in the hope that
the results would demonstrate

the need for a new financial
framework. Sir Peter calied yes-
terday’s -announcement “a
decisive step towards a new
Railways Act.”

Sr David resigned as part-,
time member of the British
Railways Board to take up the
inquiry chairmanship. Sir
David, who retired from the
Civil Service in 1972, was Per-
manent Secretary of the
Ministry of Transport from
1968-70, and of the Department

of the Environment from 1970
to 1972. ;

The other members of the
inquiry committee are: Mr "P.
Butler, whose report on HR’s
short-term financial position
commissioned by the Transport
Secretary a few. months ago will
now become part of the wider
review; Mr Alfred Goldstein,
consultant engineer; and Mr
Leslie Bond. . director of the.
Rank Organisation.

, The outcome of the inquiry,

which Mr Howell said yesterday
would be made public, and the
resulting decisions could be the
most critical for BR since the
Beeching review in the early-?
1960s which resulted in exten-
sive cuts in BR’s network. '

- The Serpell Inquiry may not
please both Sir Peter and Mr
Howell. Sir Peter wants a
reconstruction ' of BR’s Capital
structure, but decisions -about
tiie size of the network might
be less 'to his liking. "

Power contract boosts hopes for smelter

BY MARK MEREDITH, SCOTTISH CORRESPONDENT

THE GOVERNMENT has
approved the brpad framework '
for a power contract which '
greatly Increases the prospects
for reopening the Invergordon
aluminium smelter in the High-
lands.

The decision opens tbe way
for talks to find a buyer for the
huge plant, north east of Inver-
ness, which British Aluminium
closed in December with the
loss of 890 jobs.

Senior ministers meeting on
Tuesday were understood to
have agreed that Invergordon —
a heavy consumer of electricity
—should receive power at ar
rate similar to smelters south
of the Border. A government

subsidy of £20m a year is
:thaught to be involved.

Government officials in Scot-
land. who have supported the
reopening of the smelter, have
consistently pointed out that
smelters at Lynemouth and
Anglesey receive cheaper power
than did Invergordon.

The Scottish Office has been
asked to work out details of
the power package.

Once a formula has been
worked out — and this could take
several months — negotiations
can begin with the four or five
companies known to be
interested in buying tbe smelter.

Negotiations could not have
gone ahead unless a potential

buyer knew he would receive
electricity .at a viable rate.

A vital element of the rescue
package is Government readi-
ness to absorb tbe costs involved
in providing power at a reduced
rate.

Some of the strongest opposi-
tion was encountered among
government ranks over having
to meet such a large subsidy.
Acceptance of the backing
averts the prospect of spread-
ing the burden

British Aluminium closed the
smelter partly because of the
price of electricity. The price
of electricity to tbe company
had been linked with the pro-
duction costs of the Hunterston

nuclear power station in the
west of Scotland. The company
became involved in a protracted
legal battle with the electricity
board over costs, foil owing tech-
nical problems at Hunterston.

British Aluminium agreed at
the time of the closure to keep
the plant in working condition
until June, by which time it
was hoped a buyer could be
found.

The Highlands and Islands
Development Board, which has
made contacts with potential
buyers, have forecast that mar-
ket conditions for aluminium
will improve in 1985 to give the
smelter a relatively sound
future.

BP pulls out of plan
for coal liquefaction

8Y RAY D AFTER, ENERGY EDITOR

Government irritation
with Neddy increases

Home electronics market
‘faces flood of imports’

BY MAURICE SAMUB-SON

BY JASON CRISP

A 47-PAGE document from the
National Economic Develop-
ment Council (Neddy) on
Britain's industrial policy was
described yesterday by Mr
Patrick Jenkin, Industry Secre-
tary, as so, lacking in specific,
proposals- tit at .to grapple with
it- was “ like wrestling with cot-
ton -wooL”-

His remarks, at a meeting in
London of the tripartite coun-
cil 'were the latest symptoms of
the Government’s dissatisfaction
with the role of Neddy, set up
two decades ago by a previous
Conservative administration.

Sir Geoffrey Howe, the Chan-
cellor. said Neddy was weak on
implementation and tended to
indulge in “slogan swopping.”

Tbe meeting, whi^h was
also to have discussed import
curbs, was cut short when Min-
isters were- summoned to

emergency Cabinet meeting, on
the Falklands crisis.

The paper on industrial polipy
was criticised, less harshly, by
the Confederation of British In-
dustry for a lack of specific pro-
posals, although the. unions wel-
comed it as a basis lor recom-
mendations.

an

Mr .Geoffrey Chandler. Ned-
dy’s director-general, &a£d the
council had failed to recognise
that the paper was intended to
be only the first part of a two-
stage analysis. His office hoped
to present “valid proposals ”
this year.

- The Government seems to
have been irked by the paper’s
emphasis on the Jack of conti-
nnuity in industrial policy—
which had become more marked
since the beginning of the pre-
sent -Conservative administra-
tion, the paper said.

BRITAIN will face a growing
flood of imported consumer
electronics products like colour
television, video recorders and
home computers if there are
not sagnificeat changes in po&cy
by manufacturers and govern-
ment, according to a report pub-
lished by the 'National Econo-
mic Development- Office
(NEDO);

It predicts a massive growth
in demand for advanced new
products and says that on cur-
rent trends there could be a
UK trade deficit of £lbn in con-
sumer Electronics Sector Work-
ing arty, says the trade deficit
could be limited to £420m, wtric
could be limited to £420m,
which would prevent a farther
decline in employment in the
industry. (In 1980 the deficit,
in the sector- was.i£364m, com-
pared, with £lD5m 4h -1975).

The sector working party has
four main recommendations:

• Greater collaboration between
sectors of the industry to com-
bine technological skills with
volume manufacturing and
strength in mass marketing; .

• Companies should -exploit
ownership of distribution chan-
nels to accelerate growth of new
products while supporting UK
production.

• Manufacturers should reverse
the trend to import more com-
ponents. Buying integrated cir-
cuits from abroad precludes a
dose customer-supplier rela-
tionship and restricts companies
to the rate - of innovation
achieved' elsewhere.

• High levels' of capital invest-
ment to increase automation in
the assembly of printed, circuit
boards and other areas of pro-
duction, such as using .robotics.

THE NATIONAL Coal Board's
plan to develop the first pilot
coal liquefaction . plant in
Britain, at a cost of £55m, is on -
the brink of collapse following
the decision yesterday by
British Petroleum, which was
to have been a key equity
partner, to withdraw from the
project.

The NCB is hoping to build
the 25-tonne-a-day plant at
Point of Ayr in North Wales
with support from other energy
companies, the Department of
Energy and the European
Community- BP and the
Phillips Petroleum group of -the
U.S. bad indicated that they
would be partners in tbe
venture.

It is understood that Phillips
also is reassessing its involve-
ment in the project although
there was no confirmation from
the company last night.

BP. which was to have
invested about £I0m in the
plant, said it had formally told
tbe coal board of its decision
yesterday.

“The decision is a result of
a. reappraisal, which we have
been carrying . out in recent?
months into our alternative fuels
-interests, and reflects our
current view, that commercial
prospects for xoal-deriVed liquid
fuels are now more ..uncertain
and distant than we originally
f believed.”

Tbe move is in line with steps
taken by other oil- companies-;-
particularly inthe U-S- — which
have resulted in the .'abandon-
ment or postponement of big
synthetic fuel projects. The oil
industry is concerned .that the
recent fall in oil prices, together
with projections -of. relatively-

stable energy prices in the
future, could ' make synthetic
fuel projects uneconomic.

The coal board said last night
that it was H disappointed ” with
BF’s decision, but it was intent
on maintaining the- project:
"We remain committed to the
national importance ■ coal as
a source of liquid fuels."

It was being emphasised, last
nieht within the Board that the
cancellation of important syn-
thetic fuel projects abroad made
it more important that UK con-
tinue its coal liquefaction de-
velopment. That would enable
the NCB- and others in the UK
energy industry.' to gain a lead
in synthetic fuel technology.

Even so. the NCB. now has. to
find new partners. It has been
told .bv the .Energy Department
■t ha* tbe Government would be
walling to inject . f 5m as its
share of the project, only if pri-
vate industry were to carry its
full share of costs.

In Whitehall it was being said
last night that the- .department
was showing "continuing in-
terest " in the board's proposals.

Tbe board wants to build the
plant to demonstrate its liquid
solvent extraction process —
technology which enables coal
to be ‘‘cooked in its own juices"
to produce petrol, diesel fuel,
and kerosene. The proposals
follow meetings of the coal
industry tripartite committee,
representing the- NCB. the
Government . and the National
Union of Mine workers. -

It is understood that the cost
of building the plant and run-
ning the operations for an
Initial three-year -period is now
estimated to he more than £55m
at current prices.

:r fraditioD^ as ours - Asaglance at our new tariff cardwifl.

hayebeeattiepi^rvesoftiiepiMeged confirm. . _

classes. Now you can stay m one of Eoiiidiii^s

Hardly surprising when yon consider grandesthotels from as Me as S23 anight*
wiiattheyJbad to payforthepiTPilega. Hoes this mo an an . end to all that style.

What -might surprise yon is that at the elegance and service npoirwMch. weVe built
North British and CMedonianinE(Mrar^ a our reputation?
beavyweigjhtbfll first thing inthe momingis Quite the opposite,

no longer atradition we’re particularly We’re spending over £2.5 million on

strong oil refmfehing our Edinburgh hotels.

Whilst retaining all the style

XXi 1 J-/ 11 ^ VXJ V/X vyv-zxvxxvy X 1 ill w -a-rs.

ONE TRADITION WEVE DONE AWAY WITH.

Hus another 52.5 million on their sister
hotel at Gleneagies in Perthshire.

SonowourrangeoffaciM^wfllbe
even wider, our standards of service and
comfort even higher

In short; our hotels will be even more
luxurious.

. However these days u
they’re a taxmymost
people canaffonL ; . .

OENMGLES HOTELS

P nWic.T imited Company

Nar&Brffisfa Hotel, Princes Street, Edinburgh. TeL 031-556 2414
(3eaeagjesHoteJ,AiKhlamtlei;Pertl!shJx^I^0764622^

Reserves fall by $810m
to lowest for three years

Br DAVID MARSH

service

!()

by 9 %

Financial Times Reporter

THE SIZE of the civil. sendee
in Britain fell by 9,000 in the
first quarter of 1982 to
666,400, a redaction of 65,900
or 9 per" -cent .since • the
Government took office?

The fall in the first quarter
was the largest in any quarter
for fWp and a half years, and
means the Government Is
more than half way towards
Its target of a civil service of
630,000 by 1984. compared
with 732,000 at the time of the

last General Election. ..

: Tlie present civil service
comprises .528,000 non-indus-
trial and ■ 138,400 industrial
civil servants. Tbe redaction
in the first- quarter .came
almost equally from each
section.

Bank of Scotland .
launches Visa card .

THE BANK Or SCOTLAND
- is launching its own- Visa
card and is discontinuing
. promotion of Barela ycard

through its branches. The
new card will also serve as a
guarantee - card for cheques
worth up to £50.. Cardholders
will also be able to use the
Visa card to draw up to £56
a day at branches of Barclays
Bank. Allied Irish Batik,
'Clydesdale Bank, Co-opera-
tive Bank, Royal Bank of
Scotland. Trustee . Savings
Bank and Yorkshire Bank )j
Barclay card will continue to i r
hack the new policy.

! Qn? i

BL foundry rescue
bid collapses

FORMER EMPLOYEES of
the defunct British Leyland
foundry at Wellingborough,
Northants, have abandoned
plans, to reopen the plant as
their, own . business, despite
the promise of £2m worth of
new orders. Each of more
than 150 ex-workers had
chipped, in £500 of his redun-
dancy pay towards the
scheme, hat nearly £lm would
- have been needed to get the
foundry working again. The
foundry , was closed last year
with the loss of more than
500 jobs, as part of BL's cost-
cotting -programme.

GOLD AND foreign currency
reserves last month slumped by
5810m (£532m) to their Lowest
for more than three years. More
than. half, the fall was due to
debt repayments and valuation
adjustments.

It also reflected significant
Bank of England intervention
at the start of last month to
steady the pound in the early
days of the Falklands' crisis.

The Treasury yesterday repor-
ted the official reserves at
$18.16bn at the end of April,
compared with 518.97bn at the
end of March.

The underlying fall, after
allowing for public sector debt!
transactions and the new:
quarterly valuation of Britain's
European Currency Unit
“swap,” was $394m; the largest
since September.

- This figure is a product of a
variety of central banks transac-
tions in the month but gives a
general idea of the volume of
intervention.

- The underlying fall was sub-
stantially less than the $677m
drop in September when sterl-
ing came under severe pressure
fallowing the weakening of oil
prices. This supports the
Treasury and Bank of England
view that April's flurry of
pound-selling was relatively
limited anti mainly confined to
the early part of the month.

The reserves have dropped
$5.i9bn since the start of the
year although most .of this
reflected a $4.2bn decline in
March due to annual revalua-
tion of gold and currency hold-
ings.

30

S Billion

25

20

-I

tzzfioid and
. — Currency

15 r—

n

•1979 1980 1981

.1982

The other elements in' last
month’s fall were repayment of
$202m of Britain's series of
foreign currency bonds- issued
in April 1977 -to. foreign-. central-,
bank holders' of sterling
balances; repayment of $I21m
of public-sector borrowing,
mainly by the Electricity "Coun-
cil; repayment -of $106m of the
oil facilities granted to'Britatn
In . 1976 by the International
Monetary Fund and, a valuation
reduction of $77 m in Britain's
Ecu swap.

This last mainly, reflects the
gold price' fall since January.
Under Britain's participation in
reserve-currency arrangements
with European Economic Com-
munity central banks the. Bank
of England deposit 20 per cent'
of .the gold and dollar reserves
in return for Ecus, on a valua-
tion basis revised every, .three
months.. ' *■

GouM taespand

fransfonnerinaking
GOUU). UK a subsidiary ©!
U&-owned Gould Incorpora-
ted, is to diversify into the
manufacture 'of Activate .Bat-
teries' and expand its trans-
former ‘ manufacturing at
Wrexham. The company Is
taking: 1 over three Welsh De-
velopment Agency factories.
Each of 10.000 sq ft, for the
new activities,' which wfll
create 130 jobs.

fe 01 )'

*n4.1

Diesel micrpjector
sackings at Lucas :

MORE than 200 workers are
to lose ' their jobs at- tfae
Ipswich factory of Lucas CAY.
Tbe firm, which manufactures
a diesel micro jector for the
U.S.- car market, blames the
- slump .in. the- market for the
235 redundances— -half the
factoryV work-force. The
diesel roicrojeetor was hailed
. as a : world-beating export
product when production
: began.

joib cuts at BSC
agreed by workers ;

MANAGEMENT plans to cut
1W Jobs in scrap metal, can-
teen and. fire and security de-
partments at the British Steel
Corporation plant at Corby,
-Northants, were approved
yesterday by more than 3,000
-tube workers there.

Patients awareness
adds4o GP^s work

^ SEVEN .out of ten general
practitioners believe their
work load .bas increased over
. the past three years, accord-
ing to a British Medical Asso-
elation survey. The majority
believes that the increase is
caused by a greater aware-
ness by patients of their
health needs, and by demand
Stimulated by. media cover

jjtl'Aj -

4 * vJ. "

Telford

rV.

ui

1HE PLACE TO GO WHEN y

THford, just 30 miles west ofBirmmgham, offers modem factories, offices and room to grow. For a full

caHor^rite to: Telford Development Ctaporato Shropshire TF2 WL Tdephorie: 0952 613131* ■ ' ; ' * . ’ \

■ -'5

•--a

9

ivll

rv ic'(i

uaed

'9%

rFinah^ May-6 1982

11— JL_ j_J___^_ f-

U.S. ‘drops plea’

to buy Dlatonium

UK NEWS

\Xxp

Bubble and squeak jumps out of the frying pan. . . and into

S^Sion^Brid^Sw m Raj™*™ 1 Snoddy reports on restaurants with ‘something traditionally English' on offer

iBi T:, ' s '

,!?e of ,,V

■isS

BY. DAVtt> FISHLOCK. SCIENCE EDITOR

0-S.has abandoned plans Hs efforts to win greater public .
to buy or lease plutonium from acceptance for ' nuclear power.
Br-tam ttf .help to. meet its Mr John Moore, minister

B^Lam to' help to meet ' its
growing demand over the next
?n few years. .

responsible for the nocteai'
industry, told the U.S. electricity

**r W 8 *!! ** This is- the understanding of indusm- in Los Angeles vester-
e! »t V senior Bnbsh Government day that Britain “ has no plans
fall officials, who beUeve that the f or putting jny plutonium

* ^ A^nistration accepts derived from civil power

0 and^'C^ - that the Pentagon must ntake stations to imhtarv use.”- ■ ■

the ix-S ,0 P J°‘ Britain has also’ accepted- the

*han hjfrftk?- « “5 plutonmm for application of international

5e: A safeguards io all ifs civil nuclear

=* bv -l ' T^®. Government ap- facilities, in accordance with a

32.0iui 5* i & preached Britain last year tripartite agreement ■ with the

**,5*1* A la £ SS? Si P Sn? International Atomic . Energy
D'f. ^*tiuS s civil stockpile. Agency and Euratom.- '<■

Is .; A £*“ •“*■**■» accumulated Mr Moore said at a conference

Wj ferough the reproofing of 0 f the Edison Electric Institute.

« spent nuclear fuel from the ^ association of the VS.
* a ‘*- rieemnty * generating Magnox electricity supply industry that

e ry qa,^ ^? t0 Jf» ! 2o_ tvV0 British elect n- public acceptance was crucial to

1 ^%r: .vu Ji? j 1165 ', c - ^ the success of nuclear power.

^ Hi^u^rt !n a? v l0 »^ 11 nM^"mpmi The Government could neither
■z : d ^ s ri° sed by the Department dismiss nor ignore public feats
ec of Energy. Britain has a stock- and , nvio ,. oc B H a

OI ^COrIft«j Pile, of 33 -tonnes of civil He cited four wavs in which

nes Vic, ^ lhC Britain was trying to tackle

BUBBLE AND SQUEAK,
the traditional British way of
making leftover potatoes
and cabbage palatable, is
.making a comeback La Lon-
don in (he shape of a fast
food.

Two hubblc-and-squeak
restaurants have been
opened and a third is on the
way. All will offer a take-
away service.

.* We have so many superb
foods in this country that
have been forgotten about,”
said Mr Peter Marshall, the
man behind the project

There is. however, a. lot
more bubble than squeak in
Mr Marshall's version of the
dish.

"We decided that cabbage
was not a very marketable
thing.” -he says. The new
babble and squeak is made
from shredded potatoes,
onions anil herbs and owes
more to the Swiss version of
the dish— Bosti— than the
British.

It is really intended as a
hun substitute to wrap
around egg. cheese, heef-
bnrser and corned beef
fillings.

Mr Marshall, who has been
made redundant three times
from marketing posts in
large leisure companies, is
using £50,000 of his money to

rn, -TaI c ^lkT 5 ts

£ Hi* •'
*■

ft firs* 7"

, '■"■VjJ 5

S otiai *

>0 *>? ahu '**'

Slv

fQrH

rate of two tonnes a year.

Peal's bad been expressed by
the nuclear indnstiy that if the
Government agreed to sell or
lease plutonium to the U.S. to

a fast-breeder reactor develop- “i&JJ

ment programme, it Would allow

By. accepting international

scarce U.S. plutonium stocks to safeguards on all civil nuclear
be made available to the P lan ti

,C,r POlift

lapses

ua J? S**

" m »**3

-• p= r? . i a'.

zrniai

iu expand
*-mer n?£t?

' K . -"Hi
:v ‘i !r

•<: lr.:

:»« i-

!!' t'.-'S 1 " —

nic.-Pieffl
s Ll'dJ

•

r-’ L
’-■..j.T-il'.

. T'.rK?

jf'i'i.rr'*—-
V ri-f-.'ft

Pentagon. 0 By maintaining the right

The Central Electricity balance between “public

: ;v Generating Board was perturbed debate u and ensuring that
•£ ; that such a deal between the nuclear development was • not
s’; two govertunents could hamper bogged down.

Oil production increases
to 1.9m barrels a day

BY RAY DAFTER, ENERGY EDITOR

PRODUCTION

of coal-equivalent were used.

n; ^ ba-,e ^

“ [Ik*

V . .

i, ‘" basin®!.?

'J’l

Serf:

*

: ir. li.m

it

'U

•

'■■■'■rxits

consumption level, the Energy
Department said yesterday.

The department's provisional
energy statistics show the UK
to be one of few oil-producing
states increasing " output at a

the equivalent of 316.4m tonnes
of coal was used, 3.5 per cent
less than 1980 and 12 per cent
less than 1979.

Demand for natural gas in
the first quarter of this year

time of surplus supplies in the was boosted by. exceptionally
world market ' cold weather. Demand over the

Crude-oil production.' mainly period rose to the equivalent
in the North Sea, totalled 23.5m of 25m tonnes. 3.8 par cem
tonnes m the January-Marob more than in the correspond-
period, about 7l5 percent above ing period last. year.

the output level in the corres-
ponding, quarter last year. Use

of oil products fell to 19.8m - 4.7 per -cent

.Consumption ' of other fuels
fell in these periods, . coal' by

tonnes in -the first quarter, 0,4
per cent less than, in the fimt
quarter of 1981.

Overall -energy use feiH by
OB per cent to 9L2m tonnes

Total production of primary
fuels in the first quarter of this
year was the equivalent of 97.4m
tonnes of coal. 3_ percent more
than. in. the first quarter of last

of coal-equivalent in the Janu- . year- Cori-produetion fell by 1.5

a? ary-Mareh -quarter. In tiie
■ii quarter last year 91An tonnes

per cent but natural gas output
rose by 3.4 per cent.

Sales of beverage cans
down 4.1% on year

THE -DIFFICULTIES of drinks cans i imported from the
Britain’s can makers were ContineDL R etai l sales in the
... _ . . w UK last year were down 4.1 per

underlined bf figures iSOTed ye* ce nt from J980.

terday showingOm t^l TO ^‘Sles ta the fix^t quarter

“tSm 2n, ^ year aspear to beUgher

i compared wife just more than in fijg same period of last

9.9. ll) n in 1980. The beverage can gained

Part of the fall is accounted ground last year on bottles and
o; for by the increase in filled soft- other containers.

A world-renowned hotel
With nearly 150 years
of traditional hospitality

117 deluxe rooms

8 suites

2 restaurants
1 bar with resident pianist
8 private salons for conferences, banquets

and cocktails from 10 to 650 guests

OneqfTruaihouseForte’s

IZ nuadesBergues - P.O.Box 124 - 12UCeneml
^’ q f^^022/31S050 - Tdex23383

Judge orders owner to
sell twice-chartered ship

those such fears:

• By a “coherent and under-
standing” system of licensing;

• By demonstrating that

help to provide the “ lens of technical solutions— particularly
tonnes " the . U.S. requires for i®* 1 nuclear wast e disposal —did

u. almost 1.9m barrels a day In The figures indicate the rate I
V- the first quarter of the year, of fall in energy demand is de-
about 19 per cent above the oil- celerating. Last year as a whole

| BY RAYMOND HUGHES, LAW

A • SWEDISH shipowner
chartered- a vessel io a Belgian
ferry operator in flagrant dis-
regard of the fact that the
vessel was already on charter
to a Canadian company, a
Commercial Court judge said
yesterday.

Mr Justice Parker resolved
the dispute, which resulted
from what he described os Ihe
** extraordinary conduct ” of
Stena Line, of Gothenburg,
owner of the Stena Nautica. by
a judgment of Solomon.

He said Stena should sell the
Nantica to the Canadian com-
pany. C. N. Marine, for

C$1 1.8m (£5.36m>. as provided
for in the Canadian charter and
C. N. Marine should let the
vessel complete her two-vear
Belgian charter to Regie Voor
Maritiem Transport.

For the past few months

.Regie has been operating the
Nautica as a car/passeneer
ferry on the Dover-Ostend

route in association with British
Rail.

C.N. Marine and Regie were

COURTS CORRESPONDENT |
awarded damages, to be
assessed, against Stena. I

The judge said Stena had J
caused the Canadians and the 1
Belgians acute difficulty and
embarrassment. j

In February- Regie chartered ■
the Nautica for two vears, at {
US$8,800 (£4.900) a day. with
options to exiend for a further
year and to purchase the
vessel for U5$l5m.

Unknown to the Belgians, in
1976 Stenu had chartered The
vessel to Canadian National j
Railway Company, the rights j
being assigned to C. N. Marine
in December 1979. That charter
was for five years at C$1 ,4m I
(£0.63m) a year in 1976, rising
to C$1. 9m in 1980.

Four days after the Nautica
was delivered to Regie. C. N.
Marine validly exercised its
purchase option and yesterday-
asked the court to order Stena
to sell it the vessel.

The judge decided Regie,
who he said had acted in good
faith, should pay the next two
years’ hire charges

back his view that there is
a need for a new British fast
food to combat such foreign
invaders as the hamburger
and Ihe pizza.

Barclays Bank has given
Air Marshall a loan of
£135,000 — £70.000 under
their business start-up
scheme. The Industrial and
Commercial Finance Corpor-
ation has provided £70,000
and holds 30 per cent of the
equity.

The bubble and -squeak
restaurants have been called
Knights, after Mr John
Knight, who made real

IoD proposes
giveaway of
state loss-makers

Financial Times Reporter

THE INSTITUTE uf Directors
urged the Government yester-
day to be prepared to give
loss-making nationalised in-
dustries to the privaie seel or.

At the same time, the
Government should be pre-
pared to pay ihe private
sector ** to remove the burden
of continuing and unquan till-
able losses.” in the
nationalised sector. Mr Walter
Goldsmith, director general of
the instil u i e, said in London.

The Government bad to face
the reality that privatisation
of loss-making state industries
may be delayed “indefinitely. "

“Time is running out.
Economic upturn can be no
guarantee of the future of
state sectar enterprises," be
said.

“That is why the Govern-
ment must remove a block in
Treasury thinking which sug-
gests that nationalised
industries may be privatised
in whole or in part only when
making a profit.

bubble and squeak in his
transport tafe in Leigh Street
near Eustou Station for
nearly 40 years- Five years
ago, when Mr Knight retired.
Air Marshall look over the
transport cafe and turned It
into a wine bar. One of the
new restaurants is four doors
away.

Mr Knight still lives in the
neighbourhood and regularly
eats the new product —
although, be points out. it is
rather different from the
transport calc version.

For some years Mr Marshall
had believed in the medium-

and long-term prospects for
the Tast-food market and had
been looking for a. “tradi-
tional" English product.

He considered casseroles
and steak-and-kidney pies.

“One day 1 was talking to
a food manufacturer and said
that I was just off to make
myself some bubble and
squeak. He said he had made
some -the previous day and
wasn’t it delicious. It was
almost eureka, 1 ’ Mr Marshall
said.

It took more -than a year
of experimenting to turn
bubble and squeak into a fast

Demand for executives
growing more rapidly

| by james McDonald

, THE RECOVERY of demand
i for executives, which began
l slowly last year, is now gather-
ing momentum steadily, accord-
ing to the laiesl survey by
MSL Group International, man-
agement consultants.

The organisation's MSL Index,
based on a study since 1959
or management recruitment
advertising in the UK national
Press, jumped by 29 .points, or
33 per cent, from 86 to 115 dur-
ing the first quarter of this
year.

That was the largest quarterly
rise since 1963 and the highest
figure since September. 1974.

The total number of appoint-
ments appropriate to the index
and advertised in the first
three months of this year was
6.617. compared to 4.658 in the
equivalent period of 19S1 — an
increase of 42 per cent.

January is normally one of
the best months for executive
recruit meat advertising,- accord-
ing to Mr Garry Long, managing
director of MSL. “But this
year was exceptional. The

figure of 124 for January has
not been bettered since the
boom year of 1973. February
was also a seven-year record at
114 and. although there was
slippage in March, the result
(that month) at 105, was still
well above average."

Mr Long added: “To the ex-
tent that recruirmeot intentions
lend to reflect economic expecta-
tions. many UK employers are
today clearly exhibiting a rising
confidence in the future.

All the individual job func-
tions covered by the index
showed increases in demand,
but some were affected more
than others. “ Sales appoint
ments. always the first to react
significantly to a rising employ-
ment market, showed an ex-,
ceptional increase of over 40
per cent in the 12 months just
ended," said Mr Long.

But management recruitment
advertising in research, de-
velopment and design — particu-
larly for . engineering, elec-,
tronics, technical and scientific
posts — showed the increase. i

the freezer

food. Pre-cooked potato fell
apart and 'was difficult te
handle.

Now the process has been
refined. The bubble is made
in the company's own manu-
facturing kitchen • and takes
2 minutes. 12 seconds to cook
in the restauranL

Mr Marshall believes that
his fast food bubble and
squeak will- have national
appeal and would also be
successful in the U.£. But
without the backing of a
larger group, he says. Knights
would not have the resources
to expand beyond three or
four restaurants In the imme-
diate future.

Small business
wins chance to
acquire plant

A SOUTH LONDON business
j ennsortium has the. chance to
buy the factory it leases from
| Ihe Department of Transport,
j The factory in Beddingtan,
! Surrey, was due to go under the
auctioneer's hammer on May IS.
But Mr Nigel Forman. MP for
Carshaliun and VVallington.
wrote to the Department and
asked for the sale to be delayed
lu give the consortium time to
raise the money to bid for the
faet<y.

The MP contacted Mrs Lynda
Chalker. Parliamentary Under-
secretary at the Department of
Transport, and put the lease-
holder's case. She told bim in
a lei ter: “It' is clear, the
tenants had not appreciated the
sale was likely to come so soon.
This being ihe case. I have given
instructions that the auction
should nor now lake place.
There is now no question of it
being rearranged before July.

The consortium lias con-
tacted a finance company and
been promised the funds neces-
sary to place a bid for the fac-
tory in July.

One of die biggest problems in bnsuiess is wozkmg (3ay or t^tmdyoiir inoisey: . words, particularly as the name and address

getting noticed. A problem tbe newTdemessage Just dxailOO (190 in London) and ask for the come free.

neady solves. Telemessage service. Or send ns a telex. In either Ask die Telemessage operator for a free

No one will fail to spot its smart yellow and case^^ we wotrt charge you far the calL kafli^widiaHthe British

fclne livery. And, so long as yon send itin by 8pm for any message that’s simply got to gefc details ind tiding AJ

(6pm on Sunday), weUdeliver the very next through, it’s good value at £3 plus VAT for 50 telex numbers. J IL L*LvO/^

>4 •
I

10

UK NEWS

FmancKd’Times Thursday :M3ly 1 Q3SS2

Car sales fall below expectations

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

THE UK moior industry has
downgraded this year's car sales
forecast from the 1.52m-1.55m
predicted in January to 1.48m.

This compares with a record
1,71m in 1979 and would leave
registrations unchanged from
last year's level.

The Society n[ Motor Manu-
facturers and Traders still
expects an increase in commer-
cial vehicle sales— 228.900 for
1932 against 218.000 last year.

Mr Geoffrey Moore, president,
yesterday warned however: “ At
these sales levels the prospect
of nur industry's early recovery
is not rood."

Importers have taken mnre

than 56 per cent of the UK
car market so far this year and
around 30 per cent of commer-
cial vehicle sales.

At the society’s annual meet-
ing yesterday Mr. Moore said:
"The time has come for deter-
mined action by the British
Government to react against
those nations which prevent or
hinder the import of British
products — through crippling

subishi plant in Australia, and
Mr Moore' pointed out they
would attract only 10.6 per cent
import -duly in the UK.

Australia, he said, imposes
duties ranging from 573 per
cent up to 131.5 per cent, with
additional restrictions to ensure
that total import sales cannot
exceed 20 per .cent, of the total
car market. - * -

Mr. Moore also pointed an

rates of import duty, quotas or accusing finger at Spam. Spanish

by other means — while enjoying
free access to our markets."

Among countries named by
Mr Moore was Australia. A
company has recently beep set
up to import cars from the Mit-

cars attract only a 4.25 per cent
duty in Britain while UK cars
are charged 36-7 per cent for
acres? ro Spain.

Mr Moore did not name
individual companies -but the

society's own statistics show
Ford imported 59,208 Spanish-
built Fiestas last year while BL
was able to sell only 1,162 of
its models in Spain.

Imports from Spain are due
to get another substantial boost
next year when a new small car
produced by General Motors
will be sold Sh. Britain with a
Vaushall badge. Vauxhall aims
to sell around 45,000 a year.

• Korean cars were launched
in the UK for the first time' last
year and Mr Moore said they
paid ho import duty whereas
imports to Korea are subject to
licence and- duties ranging -from

100 to 150 per cent
Britain also offers entry to.
cars from 'die Comecon
countries at low tariff rates
"with no chance of open com-
petition on -those countries'
markets,” be claimed.

"The time has come when
Britain must cease being the
soft market for the so-called
developing world.

u Would ft be so wrong for us
to expect at the very least that
our import duties be geared to
the same levels as our products
face when they sell in these
nations?

“ Free trade we want — equal
treatment, we. must demand."

Labour apt to
nullify Redpath
sale, says union

By Maurice Samuelson

A FUTURE Labour Govern-
ment might nullify the sale
to Trafalgar House of Red-
path Dorman Long, the
British Steel Corporation’s
heavy engineering arm.- the
General and Municipal Wor-
kers’ Union said yesterday.

In a letter to GMWU mem-
bers employed by KDL. Mr
Frank Cottam. national officer,
said unions would ensure that
the company would he
returned to state ownership
even if that meant nationalis-
ing Cleveland Bridge and
Engineering. Trafalgar

House's engineering sub-
sidiary with which RDL will
effectively be merged.

The Office of Fair Trading
is still studying the sale,
which was completed last
Thursday in the face of sus-
tained opposition by RDL
managers and workers and the
TUG Steel Committee.

Bart’s launches urgent plea for cash

BY RAYMOND SNODDY

ST BARTHOLOMEWS, the
London teaching hospital, yes-
terday: launched an appeal for.
£500.000 by June to complete
the conversion of an office block
to house 18 clinical research
departments.

Specialists with world repu-
tations they had to carry out
research in parti tinned -off cor-
ridors. converted toilets, ware-
bouses and in a but on the
roof of one of the hospital
buildings.

Dr Andrew Cudworth, a
director of one of the largest
diabetic units in the country,
said the department had made
“ some quite spectacular
advances " in tissue typing to
identify those, inherently sus-
ceptible to diabetes. There was

George V building..

Dr Cudworth said the over-
crowding flouted regulations,
but there was no room to
expand.

The .research block at Bart’s
will cost £5m. About £3ro has
been raised — half of it from the
City_ industry and trusts.
Another £500,000 is needed. by-
June or July at -the latest to
avoid penal clauses in construc-
tion contracts.

' if toe money is riot raised,
about a third of the departments
will have to stay in the present
cramped conditions.

Another £1.5m is needed to
equip and run the building as a
clinical research centre.. Mr
James Robinson, a. trustee of
the Bart’s Research Develop*

available for the project from
the Government, the National
Health Service or London
University. The outstanding £2m
would have to be raised from
the public.

Dr Robert Davies described
how research on asthma and
allergic diseases had been con-
ducted in a section of corridor
smaller than most domestic
kitchens. Despite cramped con-
ditions the unit had identified
causes of occupational asthma,
such as soldering ffux in the
electrbnics industry, bleach in
hairdressers’ shops and grain . for such things as the onset of

Prof James Jlalpas, head of
the cancer department at Barts,
said his department's studies on
myeioblastic leukaemia were
being carried out an two floors
of a disused warehouse across
the road from the hospital.

Prof Mai pas hoped the
studies would show "cure”
rates for the disease of about
50 per cent, against the present
5 per cent

Also in a disused warehouse
Prof Tim Chard is doing re-
search on glands which appear
to act as a switch mechanism

spores in farming and grain
handling.

Work on identifying which
of the naturally liberated
chemicals; such as histamine.

the possibility- soon of- treat- meat- Unit and former- senior -lead -to allergic diseases was

msnt to influence the outcome,
or nf at least reducing subse-
quent dependence on insulin.
Much of the work was being
carried out in a prefab on the
roof of the hospital’s King

surgeon at the hospital, said
yesterday that without the
building, vital research involving
25,00 patients a year would be
stifled.'

He said no money was

being carried out in a converted
toilet in one of Bart's 16th-‘
century buildings. Clinical
trials on an allergy-blocking
’drug are about to begin in such
conditions.

labour and puberty. The re-
search. he believes, may enable
doctors to tackle the problem
of premature labour.

Mr Robinson said: “We are
asking the public to help en-
sure that vital research work
with 25,000 patients each year
will flourish and not wither. By
donating to the appeal the.
public will be contributing
directly to the relief of the sick

£4.9m
in 1981

By David CtarchtH,

THE. CO-OPERATIVE Whole-
sale Society, the largest food
manufacturing and whole-
saling organisation in Europe,
yesterday reputed trading
profits for lifcf np by £t£ m
to £H5.$m on sales up only
marginally from £L8bn to
ELBbn.

After interest payments;
profits were 634.6m, an in-
crease of SSn on the I960
figure. .......

The CIVS does not seek to
maximise profits in the nor-
mal sense since It is owned
hy the retail co-operative
societies and sig>plies, mdeh
of their food amt other pro-
ducts. However, the CWS
aims to make a substantial
trading surplus each year to :
reinvest in its extensive manu-
facturing ' and distribution
facilities.

Btr Denis Landau, - .the
CWS’s chief executive^ said
yesterday that the trading per-
formance was encouraging,
considering', the difficult
economic circumstances. "Con-
sumer spending increased
very little last year and . In
food, our most ' important
trading sector, it did not grow
at all,” he said. -
. Bales of the CWS’s -food
division rose, by 6A per cent
to tLMIm. Profits rose from
flUm in 1980 to £17m
- Sales of non-foods - fell by
almost 2 per cent and trading
losses increased from £L9m .
in 1989 to £3.1m last year.

The trading problems ' of
the retail societies are likely
to feature prominently again
this year at the animal 'Co-
operative Congress

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT

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ALLEGHENY

international

THE PUBLIC Inqaiiy into
siting' London's third major
airport,: now - in its' eighth
month; 'promises to., become, the
longest public planning inquiry
ever. It is rcertain to continue .
well into J.983.

The inspector appointed . by
the Department of the Environ-
meat, Mr. -Graham Eyre QC,
expects to start hearings on
one of - the' most ' important
aspects— -whether there should
be a fifth terminal at Heathrow
rather than. . development at.

need to fee- moved to make
room, for .a fifth terminal with
a- capacity of 15m passengers a
year..--

. Because of ; local opposition
to . resiling the sewage works
and to -any new tennkud, the
Heathrow part of the bearing
is itself likely to take several
months.

The inquiry , began late last
September and is still covering
evidence from Stansted’s local
opposition bodies— The North
West Essex .and East Herts

Stansted in Essex— on January -Preservation Association begins
U ! next yeto V ifs case against Stensted on

That part of= the hearing will May . 11. This is expected to
be devoted to considering the take three weeks, :wfth further
planning application submitted . time for <apss-exanw nation. .
by the Uttlesford District Conn- A preliminary meeting to
cit— whose area . include Stan- consider procedural matters on .

sted— for toe development of
Terminal Five. at Heathrow in
place of Sttosted..

. This application is supported
by. British Airways, which does
not ' . want 1 to .move '. any - sig-

the Heathrow part of. the hear-
ing will be held' in -the Crest
Hotel, Heathrow oh June S.
The Crest Hotel will also be
the venue- for the main Heath-,
row hearings instead of Qnen-

nifipflw r part of its operations, don HaH, Essex, where all other
from HeathrowXoStansfed, Biit^ 'hea rings are taking place.

It is vigorously opposed by the
British Airports Authority,
which wtots- Stansted' devel-
oped to a capacity of. : 15m-
passengers a year', and probably
an eventual 50m..

The Heathrow investigation
win examine' whether the ,'Perry
Oaks sewage works -at toe west-
ern end of toe . airport will

The North West Essex and
East Herts, Preservation Asso-
ciation’s case against Stansted
is based on the fact that two
earlier public inquiries rejected
plans to .develop that airport,
and that this third attempt is
a threat to natural justice as
well as to the: well being of
those who live near Stansted. .

Tory back-bench call for
aviation project decisions

BY OUR AEROSPACE CORRESPONDENT

GO VERbtittENT 'decisions.-' -on for* work on the existing UK-
new-. aviation projects are Japanese BJ^OO'engine— for the
needed - urgently, if the aero-* next generation of 150-seat
space industry is not to begin airMners.-

• " One of our committee's first
engagements is to visit Toalouse
to discuss with Airbus Industrie
toe A-320 contender in this 150-
seater* competition,** said Mr
Colvin.

Mr. Colvin said that the saga
of. toe third ' London Airport ;
was dragging on . at Stansted,

' and he felt that Government
policy on airport strategy and
financing needed a radical re-'
think. “ Our committee has that
matter in hand, and we will be
publishing a. report soon.

"There is a glimmer of
recovery in civil aviation and
this will, help British Airways’
battle back to profitability —
prior:-- to - denationalisation.

a run-down . this year, Mr
Michael Colvin, the new chair-
man of the Conservative Parlia-
mentary Aviation Committee,
said yesterday..

Mr . Calvin, MP for. Bristol
North-West, has been elected
committee .chairman to succeed
Mr- Crardey : . Onklbw, who
recently became a Foreign
Office Minister.

The industry meeds decisions
on the development of the .P-210
single-seat fighter, now under
private development by British
Aerospace and companies, in
toe equipment Industry, and on.
the 67H development , of toe
RoU£Roy<5e' RB-199 engine to .
power that aircraft, Mir Colvin
believes.

Rolls-Royce- also -faces prob- which we-want to see before toe
10ms in finding a third partner next General Election.

Dan-Air to operate Irish
services from Gatwick

BY MICHAEL DONNE, AEROSPACE CORRESPONTOB4T

DAN-AIR will be able to start
air services between Gatwick
and Dublin from June- 28, and
between Gatwick and. Shannon
from- toe spring of -2083.

This is toe result of an agree-
ment between .the Department
of Trade and -the- Irish Govern-
ment

Dan- Air will operate-* daily
service in toe mornings tod Aer
Lingus, winch already .serves
the route, will supply to even-,
ing service. • . Aer Lingus tod
British Airways will continue
to fly ■ hetweo Heathrow- - and—

Dublin. . ' ' * " . ' represents a major step''for-

At first, ; Dan-Air wifl offer a .ward in oin: -efforts' to achieve
£60 one-wto economy _ fare— greater ■c6Ihpetition , ; V " .
£5 less than the ; dub dass fare ; - ^ We win continue to press
charge by British Aiiways tod our ^ view that the oirlinesi in
Aer Lingus. The three aLtiines . . Europe . should have greater
will consider longer-terin deve- freedom- to compete wrth the
lopment of London-Dublin faces, -services they offer and the fares
la the course of its negotia- they toarge” ■ ; "■ '

tions with the Trade Depart- -
raent, toe Irish authorities also
gave permission for Dan-Air' tb
serve Shannon from Gatwick—
also along with services from
Heathrow by BA and Aer Lingus
—tod to combine toe Shaun cm
route with toe existing Dan-Air
service, to Cork.- The Shannon
service wilL not '-start before
April. 1983. •; -

Mr Ito^Sproto'Paiiiamenttoy

Under-Secr^taiy for Trade, said
that the Irish agreement foflow-
ittg: that wito we^ Gerthany to '
allow Britiriz Galedtoian flights
fo~ several; ^German. - • ; etties

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Financial Times Thursday Slay 6 1982

UK NEWS - LABOUR^

11

01

backs youth training plan

BY IVO PAWMAY, LABOUR STAFF'

MR DAVID YOUNG, newly
appointed - .chairman of the
Manpower Services Commission,
yesterday warned chat if the
Government attempted to alter
its proposals on the forthcoming
£1.1 7i training- programme it
would - have to reconsider its
position. ' -- ■

He told the • Employment
Select Committee that the youth
training plan drawn up by the'
MSC task group— which'
includes representatives from-
the -TUC and. CBI — was an
integrated programme which
could hot he changed withoot
further consultation.

“It was approved -as a
complete package and . stand?
and falls as such,”. he said.

Mr Young also supported the
task group's insistence that
supplementary benefits should

be paid- to those who opted out
of .the. training programme. A
White Paper published by the
Department of Employment
argued, chat non-participants
should forfeit benefits.

Pressed to give a personal
view, Mr Young would only
reply: - “ If supplementary
benefit ffor 16-year-old) was
abolished, that would not be in'
line wiith this report,*’ .

He added: “X suspect that if
the safely net of supplementary -
benefit was removed it- would be
difficult to find unanimous
agreement ”

Mr Young said that the report
unanimously supported: a pay-
ment of £25 per week to trainees
as opposed to the £15 recom-
mended by Mr Norman Tebbit,
Employment Secretary, an his
White Paper.

Mr Jonathan Aiken, Conserva-
tive MP for Thanet East, Closely
questioned Mr Young as to tlie
baTattce of the task group's
report. “ It seems to me there
is a danger that the TUC tail
is wagging the MSC dog," lie
said. Mr Young strongly
denied this.

Mr Ken Graham, deputy
general secretary of the TUC,
added that the TUC had not
dominated the findings of the
group. “ We have demonstrated
that we ean work together on
things which we believe can
meet national objectives,”

** We see this as a total pack-
age and any imputation that this
is a TUC inspired package is
not true. The TUC believes
that the MSC can do things that
the Government can't do and
political parties can't do."

Assault alleged in council dispute

BY JOHN LLOYD, LABOUR EDITOR

THE BITTER dispote in the
London Borough of Wands-
worth over the -council's use of
private cleaning contractors
sharpened yesterday when a
director of the company alleged
that he had been assaulted by
a group of men, some of whom
were wearing council jackets
and union armbands.

Mr Jan Leer, a director of
Pritchard Industrial Services,
said last night that he had been
assaulted and punched in the
stomach by seven men in the
Henry Prince Estate, Wands-
worth.

Eaxlsfield Police Station last
night confirmed that a report
of the incident had been made
and that other allegations- of
damage to vehicles had been
made in the past few days.'

But the National Union of
Public Employees, which
organises the Borough’s 300
refuse collectors: now on strike
in protest against its privatis-

ation plans, has firmly denied
that its members -have offered
violence or committed acts of
sabotage.

Mr lan Scon, a Nupe area
official, said that the allegations
were “crude propaganda”, by
the chairman of Pritchard
industrial Services and that the
statements, were aimed at the
voters in todays borough elec-
tions.

. “What evidence have they
brought forward of these
alleged acts by Nupe members?
7 am satisfied that none of my
members have engaged in these
actions and it would not be in
our interests to do so. We have
been involved in a peaceful
campaign of picketing.”

In - February, • Pritchard
received from Wandsworth a
£4J5m street cleaning contract
aimed at .saving the Council
£2-37m over the next five years.
The company has also been
engaged as a temporary refuse

collection agency following a
protest shake by the council
dustmen. .

Some 70 council white collar
staff, members of the National
and -Local Government Officers
Association, are also bn in-
definite strike. They include
telephonists, computer staff,
debt and rate collection officers
and supervisors. ••

Pritchard has already made a
series of allegations of sabo-
tage of vehicles and equipment,
hut yesterday’s incident was the
first of physical . violence. . Mr
Leer claimed that earlier in the
-week, heavy boxes of waste
were thrown at him, but missed.

• He said last night that he
would recognise his attackers
and that other members of the
gang slashed vehicle tyres and
screamed abuse. “They knew
who 1 was because I have been
directing our operations there
recently. But they have picked
on the wrong man.”

Rail unions pledge action against cuts

BY OUR LABOUR STAFF

CRAFT UNIONS at British
Rail’s engineering workshops
yesterday pledged to. take indus-
trial action to resist demands
by BR- for -$000- redundancies.

Strike action by ail 23 unions 5
in the Confederation of- Ship-
building and $ Engineering
Unions was not ruled out by
Mr Alex Feri-y, Confederation
general secretary. Following
yesterday's meeting of the rail-
way sub-committee, the full
Confederation is meeting today.

At yesterday's meeting the 80

delegates from 13 main rail
workshops reacted angrily to
the British . Rail engineering
proposals announced last month
for- compulsory redundancies.
The’ -cuts would mean the total
closure of workshops at Shiidon
in Co. Durham, Horwich in
Lincolnshire, and the halving of
-the workforce at Swindon.
BREL employs 35,000 blue-
collar workers— over half of
whom are in the Confederation.
.-Mr Ed Seri veils, chairman of
the railway subcommittee of
the Confederation and an

executive council member of
the Amalgamated Union of
.Engineering Workers, said that
action would be co-ordinated by
‘the Railway Shopman's National
Council, which covers - the.- 14.
sub-committee unions, plus the
Notional Union of Railwaymen.

Yesterday’s delegate meeting
of National Union of' Railway-
men members in the rail work-
shops backed last week's deci-
sion of the ‘ national executive
to oppose all compulsory redun-
dancies— by strike action if
necessary. .

Yorkshire
miners back
political
protests

By John Lloyd, Labour Editor

THE LEFT-LED Yorkshire area
of the National Union of Mine-
workers is to back a call for
political demonstrations in cer-
tain circumstances.

The advocacy of this was the
main cause of the dispute
between Labour’s leadership
and Mr Peter TatcheH, the par-
liamentary candidate for Ber-
mondsey chosen by the local
party.

The area's council has voted
to back an amendment to a
motion at the mine workers’
annual conference which backs
parliamentary democracy.

The amendment, put up by
the Highgate pit, says: “Extra-
parliamentary action is news ■
sary in certain circumstances
such as opposition, to Tetobit’s
anti-trade union legislation, the
campaign for peace and the
fight against unemployment.”

If accepted the amendment,
which is likely to get support
from major left-led areas such
as South Wales, Scotland and
Derbyshire, would commit the
miners to the same policy which
Mr TatcheH advocated in an
article in “ London Labour
Briefing" and for which he was
roundlv criticised bv Mr Michael
Foot, the Labour Partv leader.

Mr Foot told the House of
Commons last year that this
issue had convinced him that
he should oppose Mr TatcheH ’s
nomination— a stance later
supported by the party's execu-
tive. .

Mr Owen Briscoe, Yorkshire
NUM's general secretary, writ-
ing in the area’s paper, says
the right 1o demonstrate in
the streets and hold mass rallies
is a vital one for millions of
workers, unemployed, old and
young, who are denied freedom
of expression in the millionaire-
owned rewsoaoers.

"If Thatcher threatens to
drag us into a world war
tomorrow. would we be
exnected to sinxnflv sit back and
sav: ‘Oh, well. I’ll register rav
protest at the next general
election * ? ”

The Yorkshire area is to
involve members in a series of
nolHies! demonstrations. Mr
Jack Tavlor. lb® area president
wh n succeeded Mr Arthur Scar-
"dll earlier this war, has said
in his first nublic statement
since a.wnfne office ifiat •
miner*? could pot stand bv while
the fabric of wsritijn was being..
a rnned p«im*i*w-" ' " ':

said: “We nre ri**Hthr

looked i* non as fh*» IcofUno-
•Tore** in f*-*d* tminnfc-m in ihTs'
cn*»nmv. Marti? wonl* nvncct C
toad from pc - on a i*«*cT*> -rono*
Of i (■M'lw—flinaw inhe. freedom.

“ Wo Mimnt raa+rfat omarplvoS
tn nn»cn ! tw piir jntamctc on The
initi>«tnil front. TF w® do that,

there may be no industrial front
left.”

Dockers who dread a strike

RELIEF MAY be fej: by many,
of Britain's- 24,000 dockers, ' if
their delegates at a Transport
and General Workers'.. Union
conference on Saturday .vote to
accept the docks committee's
recommendation to call off next
week's threatened strike.

This would certainly be wide-
spread at the thriving; east-
coast port of Felixstowe. It is
one of more than 30 ports which
the union wants brought into
the national dock . labour
scheme, an dits 800 dockers
would have been expected to
pby a full part in the national
stoppage to achieve that aim.

They would probably obey tm
official., strike, call, if only,
because Felixstowe would other-
wise be a prime .target for fly-
ing pickets. However, there
would be misgivings. - -

A number of Felixstowe
dockers live in the leafy,
middle-class side of the town,
and -frequent the Conservative
Club. Most are solid " trade
unionists, but their moderate
reputation differs sharply 1 from
that of dockers in ports like
London and Liverpool'; once
described by an employer —
perhaps unfairly — as a labour
elite of “laxy, over-paid," pil-
fering militants." "

The TGWU maintains that
most of its 5.000 dockers in
non-scheme ports' want to join
the schem. It would give them
the statutory right to regulate
the size of their workforce
jointly with employers; - and;
taken with the industry's unit
statutory Jones-AIdington agree-
ment, would virtually rule out
compulsory redundancy.."

Many at Felixstowe -ere

Brian Groom assesses the mood
among port workers at Felixstowe

attracted by. the. promise of a
“job fo rlife.” But the feeling
is not- unanimous, and others
heed employers' warnings that
the scheme. - widely criticised
for expense and inflexibility,
would threaten the efficiency
which . helped it grow, from
nothing- into one of Britain’s
main ports.

The impetus behind the strike
call came from shop stewards
in -the scheme ports. - Its roots
lie in the decline of the regis-
tered workforce from 82,500 at
its peak in 1957 to 18.000 to-
day. caused largely by con-
tainerisation and the shift in'
-trade from .west to south and
east coast ports.

If we cannot prevent the job
losses, the registered dockers
say, we will "at least fight' any
attack 'oh 'the scheme which
metes" no-one has to be made
redundant against his wish.

Two months ago. the National
Dock Labour Board — which
administers the scheme, and on
which employers and employees
are equally represented— put
forward plans for a- massive
cost-cutting reorganisation.

Although the NDLB insisted
that the reorganisation would
not" affect its statutory duties,
dockers "saw it as the thin edge
of the wedge. They threatened
a national strike, and" only
backed down after key pro-
posals" were withdrawn.

' The steady growth of a large
number of dockers outside the
scheme is similarly seen as an

oblique threat to the scheme
itself, making it vulnerable to
attack. The NDLB cuts were
proposed ' on grounds of
financial- stringency. If the 80
or so unregistered ports were
brought in and began paying
the payroll levey to the board
which the scheme entails, the
dockers feel the scheme would
be bolstered.

There is also a feeling among
some dockers in registered
ports that they have been losing
jobs to the non-scheme ports,
and that exemption from the
levy gives the non-scheme ports
an unfair additional advantage.
-The jobs created are seen as
dockers’ jobs, and should be
offered under dockers’ tradi-
tional employment conditions.

' This is ah emotive issue in
the TGWU, and the docks com-
mittee may find it difficult to
persuade delegates to call off
the strike. It was made by 81
votes to three two weeks ago,
with three abstentions. How-
ever, leaders seem reluctant to
have a strike, and may feel
there is little mood for it in the
ports.

The Government has refused
a blanket extension of the
present Dock Workers Employ-
ment Scheme 1967; but says it
will; consider -“specific and
detailed proposals” for particu-
lar ports and wharves.

The TGWU. however, may
face great difficulty when it
selects a port to put forward.
Employers are likely to -be

Some unions may seek redress
when recession eases, says Acas

BY OUR LABOUR STAFF

IT WOULD be unwise to rely
on a permanent change taking
place in industrial relations
because of the recession, " Mr
Pat Lowry, chairman of the
Advisory Conciliation and
Arbitration Service, said yester-
day.

He 'fold "a ~se£mh^*~ at TiJ e'
Policy Studies Jjristitute that .in’
some cases managements had
done little to inform workers of
decisions or involve- them in
making them.- Some trade
union officials harboured resent-
ment at the way in which
unions had "been treated over-
{the past two years and intended
to seek redress when the reces-
sion eased.

The numbers of unfair’ dis-
missals notified to Acas had
risen sharply from 38,000 in
1980 to 44,000 in 1981. he added.

The present Employment BiH
“might make tite business of
a constructive -approach to

industrial relations more diffi-
cult, but we will do our best.”

The dramatic redundancy
programmes which many com-
panies had carried through had
taken place with “remarkably
little strife.” However, Mr
Lowry questioned whether there
might be some sign, of growing
■resistance to plant closures- _ .

The “pay norm,” an' old
favourite of industrial relations^
had, he hoped, all' but dis-
appeared. However, he saw a
series of different “pay. policies"
.emerging, some of which might
cause resentment and conflict
in -the future. . ~

These were: inflation-linked
agreements for tile- police and
firemen; relatively high settle-
ments for the public . utility,
workers, strongly influenced by
the level" of the mineworkers’
settlement; relatively low settle-
ments for other public sector
workers; private sector settle-
ments ar various levels, though
presently low..

Mr Glyn England, . . the
recently-dismissed chairman of
the Central Electricity. Generat-
ing Board, has called for an
incomes policy and a new legal
framework for industrial rela-
tions.

In a CEGB discussion paper,
published yesterday, he said
that the main- requirements of
.an incomes .policy .were! flexi-
bility- -and- fairness.-.. The
National Board for Prices and
Incomes, established toy the
Labour Government in 1965.
“operated for .a. time with a
large measure of union and
employer support”, and was
worth re-examining. .

The legal framework- would
rest on a newly-created Com-
mission on -Industrial Relations, ,
with a direct link to Parliament
and a duty, to report ansuxally
to Parliament on the state of
industrial relations. .It .would
also propose specific legislative
measures ** to deal with -prob-
lems in a pragmatic way ”. . .

hostile, the Government may
turn down the plan, and even
if it agieed to lay a draft order?
to include a port, it could be;
opposed at an inquiry or voted'
out by MPs.

If the union went for a port-
such as Felixstowe, something 7
g$ a symbol of free enterprise,
it would be fiercely opposed.

“I am wholly opposed to the
principle olhat a man should be !
given a job for liferegardless
of his effort. If yon have' such
guaranteed job security, you.
develop an attitude whereby the.
top 5 or 10 per cent of
efficiency drops off — and it may.
be more.” said Mr Geoffrey 1
Parker, managing director of
the Felixstowe Dock and Rail-
way Company, a subsidiary of
European Ferries.

Healso objects to paying a
payroll of possibly over £lm a
year to pay for a scheme not
necessary for running his busi-
ness.

The National Association of •
Port Employers, which has kept
to the sidelines in the past -few
yesterday.

It would not be prepared tp 1
endorse an extension of a
scheme which it believes needs
modernisation and made more
flexible, and it feared a strike
would destroy signs chat the in- .
d us try may be moving towards
stability.

Although many ports are mak-
ing losses, the association hopes
the registered workforce may j
stabilise at about 14,000 by end-
1984. and that the problems of -
massive surplus labour may be
comipg to an end. The present
six-week severance scheme will
bring it down to about- 16;000. ■

Scots teachers
awarded 6%
in arbitration

By Michael Dixon, Education
Correspondent

ABOUT 60,000 teachers in
Scotland are to have a 6 per
cent pay rise as the result of
arbitration. The employers
had offered 4 per cent against
the unions' 1 claim of 11 to 12
per cent.

The award to 465,000
schoolteachers In England
and Wales is also under
arbitration, and Is expected to
be decided later this month.
Although the unions’ ■ claim
was similar to that ' of the
Scottish teachers, the educa-
tion authorities south of the
Border offered only 3.4 per
cent.

• A teacher who voluntarily
took advantage of an early
retirement scheme was not
entitled to unemployment:
benefit for the first six weeks
after leaving his job, the
Appeal Court in London
ruled yesterday.

The ruling could affect
about 3,000 teachers opting
for premature retirement
with Education Department
backing.

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Ilfsasadfrict of fetelhat atot of interesting '
fact stays hidden behind fonmdable^ords ana

^TheGxeek letter \l (mu) is acase in point
As asymbol inthennodynamics, electromagnet-
ism or evenmechanics, it’s more likely to give
nse to despair than hope in most people;

But for us there are a
couple of meanings of }i
that aiemore than jnst'a
synthesis of our own world,

, The first symbolises the coefficient of fric-
tion. Which if reduced by 10 per cent in all roll-
ing bearings used today would give a saving in
energy equivalent to the combined output of
some 25 sizeable power stations.

• This m turn is a saying roughly the same as

half the total electricity consnmedtiy Australia,
Brazil, Spain and Swetfen together .

All from a 10 per cent drop in faction!

Which brings us to bur second world of (J-
Or to be more. exact, a thousandth of a milli-
metre— /mi. fifty times finer than the finest
ftqw um haic

This is die micro-world^ we Hw in*

one ten-thousandth of a millimetre,

- ■ And smoothness tolerances of contact
surfaces even less.

And where bearing design changes can
Still reduce friction and energy losses by
anything from 8 to SO per cent.

-That’s the inner world of SKF. And some of
the hidden worlds of /x.

bearing can be. ... We easetheMction of mechanical movement

n

..j

Financial Times Thursday May 61982

UK NEWS - PARLIAMENT and POLITICS

U.S. SECRETARY HAIG THE ‘CENTRAL FIGURE’ IN INTRICATE DISCUSSIONS, PYM TELLS HOUSE

Labour call

more

for NI

BY IVOR OWEN

ASSURANCES bv the Govern- Opposition leaders, emphasised into account in considering pro-
ment that Britain is still that he was also keeping in posals for a ceasefire,
actively pursuing a diplomatic close touch with Sr Perez de To cheers from Government

settlement of the Falklands Cuellar, the United Nations supporters Mr Nott emphasised:

crisis, coupled with the univer- Secretary-General.

“It would not be to Britain’s

sal regret" over the casualties While again insisting that the advantage to agree to a cease-

suffered by Britain’s naval task immediate objective must be

fire unless we are clear that we
had a negotiating process

force in the South Atlantic, to bring to an end Argentina's had a negotiating process
prevented any major new divi- unlawful occupation of the which would get Arentina off
sions opening up between the Falkland Islands, the Foreign the islands.”
parties in the Commons Secretary stressed that " a vital He acknowledged that some
vesterday. ingredient of the ideas on which Labour MPs took a different

air Francis Pym, the Foreign we are working is an early position, but claimed that the
Secretary, again made it clear ceasefire and a prompt with- majority of the House shared
that Mr Alexander Haig, the drawal of Argentine forces.” the view he had stated on

He acknowledged that some
ibour MPs took a different

U.S. Secretary of State, is the

central figure in an intricate retrospect, Britain had not
series of diplomatic discuss ions moved forward fast enough in

now in progress. equipping ine neec wrm zum-

He explained that proposals missile missiles,
made by the Peruvian Govern- He, like the Foreign Secre-
ment had been absorbed into tary, accepted the need for a

drawal of Argentine forces.’ the view he had stated on
Mr Nott conceded that, in behalf of the Government,
retrospect, Britain had not Mr John Nott, the Defence
moved forward fast enough in Secretary, revealed that the
equipping the fleet with anti- stricken Type 42 destroyer

refinement

issile missiles. HMS Sheffield was not equipped

He, like the Foreign Secre- with the Seawolf anti-missile
ry, accepted the need for a missile which is the only
earlier negotiated settlement but effective counter to the sea

American proposals, and
the evident satisfaction

to warned of the wider im plica- skimming Exocet missile which
of tions which had to be taken was successfully launched

against it by an Argentine
Super Entendard aircraft.

He explained that this was

discussions between the parties
and others “in whatever forum
is thought best at the time.”

surcharge
cut to i\%

Mr Nott' renewed earlier
assurances that the actions . of
the naval task fora are sub-
ject to. street political control
and authority.:

By John Hunt, •
Parliamentary Correspondent

He confirmed that the deci-
sion to torpedo the Argentine
cruiser. General BeTgrano, was
taken by the sub marine com-
mander — within the very dear
rules of engagement which had
been set m . Lohdon and dis-
cussed by the; Cabinet

In the Lords, the Defence
Secretary’s statement was
repeated by Viscount

Trenchard. Defence Procure-
ment Minister. .

THE GOVERNMENT faced
demands from Labour in the
Commons last night for the
National Insurance Surcharge
to be reduced .to li per cent
to help industry.

In the Budget the Chancellor
announced that , the surcharge
would be reduced from 3} to
2\ • per cent from August 2,
and that an extra k per cent
would also be cut temporarily
from August until April, 1983.

John Nott

Denis Healey

Francis Pym

The Bishop .of Norwich,' die
Rf Rev Maurice Wood,, said
there was a strong sense from.

thought about in great depth.

British e fl£t wS a pr^arily dS teii£~p& the SL^f^^my^toton M?

ttttSSgffSUZ

the Church of support in prayer
for all that the' Government was

V';,-

signed to counter tneir Russian right *’ because the task force
counterparts, which until very was operating in the South

■S-M

recently had not been deploy- Atlantic,
ing sea-skimming missiles. „

Labour backbenchers who • Kut ”
fear a major escalation of p®. m ®
hostilities protested when Mr *

Ian Lloyd (Con., Havant and settlemei
Waterloo) made an implied call
for action against military air „ Wr . u

the United Nations and noted ful basis of achieving a settie-
with approval the indications ment.’ 7 .

But he added: “ Let us at “£ e mQ
the moment concentrate on ating
trying to achieve a possible Ar S en ti
settlement because that is what islands,
the House wants.” He s

Mr Denis Healey, shadow distinct:

given by ministers that a cease-
fire must depend on a negoti-
ating process which got
Argentina’s troops off the

“T Dealing with longer-term
aspects, Mr Pym told Dr David
fjp Owen, parliamentary leader of
the Social Democrats, that the
possibility of making the Faifc-

He saw this as an important land islands a strategic trust
distinction from earlier territory under the United

a\.uvu iuju iiu j oil p m . — — — 11 ■■ 11 1 ■ “ “ — ■ LMSLIUIJ >> i v UltCU

5??? on toe Argentine main- Nafio ^ ™ * «*>“*■

tsBEte

land.

He urged the Government to
recognise that the naval task
force would not be able to

g™ not take place until Argentina’s SSffVSS

back benches when he high- troops had already left the riderT* 7 vm .

lighted the fact that if Argen- islands. siaereo.

British casualties

attain its objectives unless to mount there was

Arnentina was not caDable of a danger that more servicemen’s
JEJ2J3E! ^ves would be lost than there

zsjssr* ° f 1116 Faik -

striking distance of the fleet. the

Mr Pym replied that military paramount necessity of achieve
nsiderations were being ing a diplomatic solution.

: -hist ’ _ J ' <A*jer’.v..aZ- . • ■■ .:‘j ' J

Mr Pym said a ceasefire in-
volving arrangements Of with-
drawal of Argentina's troops
from the islands had always
formed part of the diplomatic
discussions.

considerations

While reaffirming that he was
keeping in dose touch with the

The Foreign Secretary also
made it clear that Britain is
prepared to consider long-term,
arrangements which permit
countries without a direct in-
terest to participate in discus-
sions on the future status, of
the islands.

He spoke of the possibility of

for all that the Government was
seeking to do to maintain justice
and work for peace.

The veteran Methodist Lord
Soper called for a ceasefire and
said there was “widespread dis-
agreement with the churches.”

“ It would be totally wrong to
assume that, the concept .of the
just war is generally held by
fchos who profess tiie. Christian
faith,” he said.

The Conservative Earl of
Dudley said that as fhd father
of three half-Argentine children
by an Argentine another ; he
naturally deplored . the loss of
life on both sides. ,

He urged the Government to
reduce Argentine air capability
“by all possible means— erven
if that means taking some risks
with public opinion— if it posed
a very serious threat to the task
force. -

During the debate, which
came during, the Committee
Stage of the Finance-Bill, seme
Tory back benchers were also
severely critical cf the sur-
charge, which, they saw as a tax
on jobs. .

Mr Peter Shore, Labour’s
economics spokesman, described
the - Government’s reduction as.
“too little and too late.”

He agreed that the surcharge
Was first introduced by the
Labour government in April,
: 1977, but said that at that time
the economy was far more com-
petitive. The Labour govern-
ment had stabilised unemploy-
ment before it was introduced.

: No less tii an 20,000 firms hod
gone into liquidation since May,
197 9, said Mr Shore, and the

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= .: -T-r***

knowing your market
and winning the business.

Guarantee
sought
on Belize

Labour manifesto draft restates
unilateral nuclear arms policy

Poll leaflets

to be

BY ELINOR GOODMAN, POLITICAL CORRESPONDENT

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FOREIGN OFFICE Minister of BY EUNOR GOODMAN, TOLT

State Mr Cranley Onslow, faced _ , •

criticism from both sides of the THE Labour Party seems to be

destroyed

Commons yesterday when he about to consolidate its coin-

declined to give a categorical mitment

non - nuclear underlines

party policy, rather than break- from Mr IQcbael Foot, the
leg any new ground. Bat it Labour leader, who has long

difficulties been deeply committed to dis-

assu ranee that Britain would not defence policy based, if neces- facing Labour nHdtilateralists armament and backs the coa-

witbdraw troops from Belize.

Mr Britain, despite opposition by

.JStS Mr Denis Healey, the “shadow”

Foreign Secretary, said at Foreien Secretarv - a

nnBctinn Timo thit th a i? o reign secretary, ana a

sary, an unilateral action by in reversing the decisions on bination of multdlatenal and
Britain, despite opposition by defence policy taken by the past unilateral action proposed.

Mr Denis Healey, the “shadow” two party conferences. Mr John Silkin- the shadow

“St

meat had ai ready given a false Ministers.

The document, which is to be Defence spokesman, was partly
diseased next week by Labour’s responsible for drafting the

signal to the Argentines over

the Falkland Islands and there ^wn u^ for inciusion la the
was now a danger of the same Labour Programme from which
thing happening to Guatemala. -

eis. international committee, talks document. He agreed with the

draft policy statement, about multilateralism and uni- basic strategy, but be has
up for inclusion in the lateratism going “hand in insisted on some changes to the

party's manifesto

hand,” and stresses the need for defence policy statement

Britain is maintaining troops eventually be drawn, re-states
in Belize, formerly British Hon- the party’s commitment to

a Labour government to work approved by last year’s party

within Nat© to achieve dis- conference. Wtlh .the backing
armament. This formula is of the unions, who are increas-

duras, to combat a threat from becoming the first “nuclear designed in part to aceom- ingly worried about the employ-

neighbouring Guatemala.

Mr Robert Atkins (Con.,
Preston North) aid the threat
from Guatemala should be
taken into account and the
Belize garrison maintained
there with vigour.

naia. weapons state to renounce modate the bitter differences ment implications of cutting

ins (Con.,’ unilaterally nuclear weapons." within the party over defence defence expenditure, he has suc-
the threat 1° a passage which will be policy. Nonetheless, large parts ceded in getting some caveats
should be Particularly strongly resisted by <rf the statement would seem to introduced
: and the Mr H ealey, it says a Labour be totally unacceptable to Mr The document says that
maintained government would dose down Healey and other multilatera- Labour would seek to - reduce
nuclear bases, British or lists within the party, who will defence soending to the “aver-

Mr Onslow said British troops American, on British soil or in argue that certain of the age proportion”* of the GDP

would be maintained in Belize British waters. It also repeats measures proposed would be spent by other European Nato

as long as it was necessary. Labour’s co mmi tment to getting incompatible with Nato mem- countries, “bearing in mind the

Mr Healey asked for a cate- °f Trident, and to opposing bership.

need to avoid' wide^read and

gorical assurance that there siting of American ground- Mr Healey may well try to preciptate redundancies.

would be no intention of with- launched cruise missiles or modify it when the Labour which no alternative work has

ITF SHOWS-MARKETS & PRODUCTS COVERED

drawing troops until there was De ^^ ron bombs in Britain. _ _ _ „

no threat from Guatemala. * ,<>r most part, the docu- next month, but tie seems provide adequate conventional
Mr Onslow replied: “No 016111 merely re-states easting unlikely to get much support defence forces by Britain." .
decision has been taken over

Party programme is discussed been provided, and the need to

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Audio Wsnol

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Fishing Industry
Food Processing
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Furniture

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Materials Handling

Men^A Boys’ Qo thing

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Packaging

Plasties &Rhbber

Printing

Welding

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USSR

Petr olenm& Gas

i withdrawal ”

to consider arSL“ Families of Sheffield men Irish UN move

carefully as it could be taken as ^ m

u± e ^ to 1: “ : " 'harassed by reporters^

because the Government gave a SOME FAMILIES with relatives military engagement which led
false signal to the Argen- who were serving on the to the destruction of the

ALL COPIES of a Scotland local
government election leaflet,
which includes an appeal to
ratepayers by a Junior Minister
written on House of Commons
' note paper- are to be. destroyed,
Mr George Thomas, the Speaker,
said yesterday.

He intervened after a protest
by Mr Ron Brown. -Labour MP.
for Leith, that the Commons
portcullis ' symbol had been
used on Tory election material
to be distributed to voiere In
Lothian for 'Thursday’s regional
elections. The leaflet issued by
Lothian Conservative Associa-
tion, is beaded:. “Tbe Great
Rates Robbery.”

It includes the letter by Mr
Alex Fletcher, the . Scottish
Education Minister, 9aying:
“You will soon lr»ve the opoor-
tinrity to reject Labour’s arro-
gant and spendthrift wavs by
voting for ' a Conservative
administration in the Lothian
Reeion.**

The Speaker has now told Mr
Brown: “I have been given a
categorical assurance by those
concerned that instruction have
been given to be sure -tha t ail
comes of the leaflet hove been
destroyed and twat there will
be no repetition

Peter Shore: too little* too
■■ late.

‘harassed by reporters’

FINANCIAL TIMES REPORTER

4 a mistake’
says FO

false signal
tirBans.”

stricken destroyer HMS Sheffield Sheffield.

destruction

financial Times Reporter.

THE IRISH Government’s

_ Mr Nott told MPs: "It would mo* to i«ise the .MM

TbtvKKsteffEour badness.

f

of giving vny false alfing^ofDefence spokee- ^ ta SThSm

Mr Patriek Comm* (Con. Re ft.n.m- “* {*

SvKScS SSe^ “ ^ W6U -” 116

nous warded a categorical He was explaining the reason mcui* m me

Yes” to the question — that for a remark made by Mr. John 6X1 iew aays *

here would be no troop with- Nott, Defence Secretary, during “ I onl y ask that because of

there would be no troop with- Nott, Defence Secretary, during
drawais from Belize. Commons exchanges about the

privacy by the media in the Minister of State Mr Douglas
next few days.” Hurd said in the Commons

^wfthink that tber made a

Am you waiting Sot a telephone

Inyourcar?

Commons exchanges about the certain pjbhpa ^whidr -tew yesterday” he said at

: i *S2^* o t0day ' m ^ not Question Time.

^ I . elaborate. « - u u

The spokesman gave no de-
tails of individual cases of
harassment, except that some
families “ have tended to report
it to their local units.”

Mrs Charlotte Woodward,

“The line they took could
actually be a hindrance to gam-
ing a peaceful settlement, which
we and they want”

Mr Hurd stressed that the
Republic had joined in the
practical measures ' against

LORD JANNER, the former
Labour MP. died in St Stephens
Hospital. London, on .Tuesday,
night after a long illness. He
was 89.

He entered the Commons as
a Liberal in 2931, representing
Whitechanel and St Georges
until 1935. After the war he
was elected Labour MP for
West Leicester from 1945 to
. 1950 and for North-West Leices-
ter from 1950 to 1970. -

Barrett Janner was raised to
the peerage as Baron Janner of
the City of Leicester . in June

1970 and was granted the free-
dom of the City of Leicester in

1971 and the freedom of the
City of London in 1975.

A solicitor. Lord Janner was
a former president of the Board
of Deputies of British Jews, a-
position now occupied by his
son. Hr Greville Janner, who is
Labour HP for Leicester West.
He also leaves a widow, Elsie,

gross domestic product was 6
per cent below what it was
when the Government came to
power.

Mr. Shore pointed out that in
its survey published yesterday
the Confederation of British
Industry — which is also demand-
ing a cut in the surcharge —
had said: “There is still no
confidence of any industrial
recovery and activity being
under way. Demand is stagnant
and nine out of ten firms are
short of orders."

He also reminded the House
that the Government intended
to claw back the amount which
the public sector saved on the
reduction in the surcharge.
Thus, the claimed cut of £lbn
in the burden on industry was
iifasory.

The" public sector would have
to forgo the £36Qm saving, and
this left a benefit of £640m to
private-sector firms. This would
-have only a minor effect on
competitiveness, job creation,
the cost of living, and low
levels of profitability.

A Labour government would
have no intention of seeking a
claw-back from the public
sector. . Its proposals for a cut
in tiie surcharge would mean a
genuine reduction in the costs
of- industry of £2bn this year
and £2.4bn in 1983-84.

Using the Treasury model, he
said, it was, shown that this
would lead to a gain of 2$ per
cent in trade competitiveness, a
3i per cent reduction in the
cost of living index and the
creation of 50,000 new jobs in
two years.

From the Conservative back
benches, Mr Kenneth Lewis
(Rutland and Stamford) des-
cribed the surcharge as “ a tax
on labour, a. tax oh employ-
ment — a bad tax.”

- He would have liked the
Chancellor to have removed it
in the Budget, and thought
that-Mf. he had realised that
the piubllc sector borrowing

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task force, Rear-Admiral John
“ Sandy ” Woodward baa already
reported being “harassed” by
the Press.

Mrs. Molly Sheridan, wife of
the officer who led Britain’s
South Georgia invasion. Major
Guy Sheridan, has been receiv-
ing threatening phone calls in
the wake of publicity of her
husband’s victory.

Mrs Sheridan, who lives in
Devon, blamed the Press for
causing the problems, and said
that if it had not been for “all
this ' crazy publicity ” it might
not have happened.

a big part in securing support
. for Britain.”

No Argentine pilots
trained by Britain

Morris of Kenwood. The funeral
is being held .at Willesden
Jewish Cemetery this after-
noon..

SERVICE RECORDS going back
to 1974 diow no evidence that
Argentine military personnel
have been trained as pilots at
MiiBStiy of Defence establish-
ments. Mr Jerry Wiggtn.
Defence Under Secretary, said
in a Commons written reply
yesterday.

If 5®, here's what to da

SIR DAVID SERPELL, a
former Permanent Secretary at
the Ministry of Transport, is to
be chairman of tiie independent
committee set up to review.
British Rail’s finances, 'Mr
David Howell, the . Transport
Secretary, announced yester-
day. . '

Sir David is to be. -released
from his part-time membership
of the British Railways Board,

fey £2bn — he might have done
so;'

. Many small firms were laying
off employees to meet their
National Insurance bill for the
rest of the workforce.

. Another Conservative, Mr
Christopher Patten (Bath), said
that knowing what coidd be
accomplished by a cut in the
surcharge be thought this was
a risk the Chancellor Should be
prepared to run.

“ I hope he will keep an open
mind' ahput further cuts in the
surcharge Jater in the year,"
•Mr 'Patten added.

Lloyd’s divestment ‘will affect 100 agencies’

If you’re in the automatic radio-
phone areas — London and Solent —
you should ring Marconi Mobile Radio
today for a demonstration of the best
scanning and self-dialling equipment.

available straight off the shelf.

For provincial and London maTingl
radiophone users, Marconi have scan<
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BY JOHN MOORS, CITY COSKESPONOB^T

Mobile Radio

MORE THAN 100 underwriting
agency companies, whose busi-
ness could have a total value
of up to £100m, will be affected
by the Lloyd’s Bill, which caffs
for Lloyd’s brokers to sell
shareholding Units . with the
agencies.

The details emerged during
the second day’s bearing of the
Bill before a Lords Select Corn-

Bill before a
mittee.

Mr Peter

Marconi Communication Systems Limited,

Mobile Radio Division, Beehive Lane, Chelmsford, Essex CM2 9TE.*IeI: 0245 73331 Telex: 9920L

TheRadtqpliOfle ^uipmcmiilastratedaiiddcscribed here is spedaffy rfflrignffld and maonfaemred byMofcira QyofEolaod4irMarcopi^fo5ifeRadk?.

Mr Peter Green. Lloyd’s
chairman, said that 11 4 manag-
ing agents, the groups- which
run underwriting syndicates,
have a connection with a
Lloyd's broker.

Answering a question from
Lord Nugent of Guildford,
chairman of the committee, Mr
Green indicated that the total
value of the business involved
if divestment weot ahead might
reach £100m. But he stressed
that many of the underwriting
agencies at Lloyd’s act as both
managing agents, running syn-
dicates and' members agents,
introducing members of Lloyd's
to ^yndicrties. : -

value of the businesses -wiutii
would eventually be sold.

Lloyd’s has been forced to
incorporate mandatory divest-
ment by -a Commons- committee
which identified, conflicts of
interest 1 ..

Brokers are to be allowed to
continue to own members
agencies, so it was difficult to
arrive at a precise figure of the

Mr Green, citing examples of
abuse in the relationship of a
broker with a controlling shwe-
h ai ding hi an underwriting
agency company, said that one
recent case involved, a broker
disnHsstag the underwriter.

The tanker- had made, no refer-,
ence to the managing director

.of the agency . about the deri-
sion.

Re said there were examples
of underwriters offering better
terms to tte broker which con-
trols them, offering lower rates,
better discounts, and generous
terms- on - the. ■ settlement of .
claims, . .

He dismissed arguments
advanced by opponents of toe
legislation that the market
would be damaged by ddvest-
.Jnent:

' “ It won't damage Lloyd's but
enhance our reputation, which
is already very high,” he said.

Financial Times

Penguin and Longman both set new records

Financial Times returns to profit as European edition passes
34,000

Longman enters legal publishing with Oyez

Goldcrest builds the team to lead the British film industry

Pearson Longman starts Goldcrest Television and takes a stake
in Yorkshire TV

Westminster Press free publications now reach 1.6 million
homes

Goldcrest links with Penguin and Longman in two new video
publishing ventures

In 1981 Puffin Books published ‘You can do the Cube* by Patrick Bossert and Penguin Books published ‘Mastering
Rubik’s Cube 1 by Don Taylor. Both were worldwide best-sellers. Goldcrest Television then produced a prizewinning
video cassette featuring Patrick Bossert called 'You too can do the Cube 1 .

Financial Times Ttasday May r 6 19S2 =

OK NEWS

APPOINTMENTS

QUARTERLY INDUSTRIAL TRENDS SURVEY

Executives show some confidence

APPOINTMENTS

Group treasurer for Tate & Lyle

BY MAX WIUCJNSON, ECONOMICS CORRESPONDENT

EXECUTIVES' confidence about
the future has increased some-
what although there is little
evidence of recover}' in demand
or.output during the past three
months.

This is one of the principal
findings of the Confederation
of British Industry's latest
quarterly industrial trends
survey puhlished yesterday. The
survey, carried out during the
first three weeks of April,
covered nearly 1.700 companies,
which account for nearly half
of those employed in manufac-
turing industry and for half of
UK exports.

; The survey indicates that
companies expect some further
reduction in stocks, and they do
not generally expect to take on
more labour. Prospects for
exports appeared muted with a
marginal decline in companies'
expectations compared ■ with
three months ago.

' However, the food, drink and
tobacco and the chemicals, coal
and petroleum products sectors
appear to be growing steadily
more optimistic about their
export prospects in contrast
with those in the metal manu-
facturing sector during the last
six months.

In spite of a general expecta-
tion that low demand will be
the main limiting factor on out-
put. companies appear slightly
more optimistic about the trend
Of costs and prices and about
the prospects for corporate
bquidiry.

OUTPUT AND ORDERS
"The results point to both
demand and output having
remained flat over the past four
months and expectations do not
suggest much change in the
next four months, although a
very slight rise in orders and
output is possible, says the CBI.
- In this most recent survey. 33
of the CBI's 4 Industrial groups
are more optimistic about the
future compared with only 17 of
the groups at the time of the
last survey in January. The
textiles group is the only one
in which the number of com-
panies reporting less optimism
exceeds those reporting an
improvement. The groups which
saw briehler prospects were the
chemical, coal and petroleum
products, and the electrical
engineering sectors. In general
the smaller companies appeared
more buoyant ahnut business
and about export prospects than
the larger ones:

Although the balance of
replies from the total sample
suggested little change in order
hooks since January, rising
demand was indicated in 22 of
the 44 industrial sectors. Chemi-
cals and the paper, printing and
publishing industries appeared
to be doing best with the
greatest decline in the food,
drink and tobacco sector.

An 8 per cent balance of
replies points to a limited in-
crease intotal new orders during
the next four months. This
compares with positive balances
of 2 per cent in October 1981
and of 4 per cent in January.

The CBI comments: "II would
he sensible to • regard this
latest result as indicative of the
likelihood of only a very modest
pick-up in orders over the next
few months. This does, never-
theless. contrast strongly with
the rapid declines in orders
experienced in 1980 and 1981.'’

A majority of 63 per cent

still continued to regard total

order books as being “ below
normal." Although the results
suggest a steady strengthening
of order hooks towards
normality, this may partly
reflect a changing perception of
what is “ normal." About three-
quarters of companies have
lorder bonks which represent
less than four months of

assured production compared
with 80 per cent in January and
65 per cent in April 1979,

before the start of the present
recession.

CAPACITY WORKING
The survey suggests that there
has been little change since
January in the extent to which
companies are operating below
full capacity. A total of 77 per
cent reported that they were
working below a satisfactory full
rale of operation. This is better
than the level of under-
utilisation recorded in January
1981, when 84 per cent were
operating at below full capacity
but it. is still a histories 11 y-low
figure.

The worst under-use of
capacity is reported in the coal
and petroleum products, the
mao-made fibres and the
timber and wooden products
sectors. Replies indicated that
those experiencing a rise in the
volume oF production during the
last four months were exactly
balanced by those reporting a
fall. Only 4 per cent expected
a rise in output volume in the
next four months.

STOCKS

The survey indicated that
during the last four months
there were continued reductions

in stocks of raw materials,
brought-in supplies, finished-
goods and of work in progress.
However, the run-down of stocks
appeared to be less rapid than
in the four months to January
and noticeably less so than
implied by the results of last
year’s surveys. The April
survey showed that companies
are expecting . to continue de-
stocking of raw materials and
or brought-in supplies at about
the same rate as was expected
in January.

Destocking of finished goods
and of work in progress is still
expected to decline but at a
slower rale, than expected in
January. The survey showed
that just under a quarter of
companies thought that stocks of
finished goads were mare than
adequate and just under two-
thirds thought them adequate.

The survey showed that. there
is still an overwhelming tend-
ency amongst companies to
believe that the main constraint
on output during the next four
months is likely to be shortage
of orders or sales rather than
constraints on their ability to
supply customers. The propor-
tion of companies citing lack of
demand was 91 per cent, just
a little below the peak of 96
per cent recorded in January
1981. An extremely small pro-
portion of companies mentioned
shortages of skilled labour, fin-
ance. capacity or supplies as
being potential difficulties.
INVESTMENT INTENTIONS
The CBI says that the ques-
tions on companies’ investment
intentions confirm the view
expressed in January that the
volume of manufacturing invest-
ment. including leased assets,
will start to rise during the
course of 1982. although there
is the possibility that the total
volume of investment in 1982
as a whole will be 5 per cent
lower than in 1981. It is now
expected that there will be no
change in the level of invest-
ment between the end dC 1982
and the end of 19S3.

TOTAL TRADE

All figures are percentages on a weighted sample. Figures in
parenthesis show the response to the survey carried out last
January. Number of respondents to total trade questions: 1.695.

Are you more or less optimistic than you were
four months ago about the general business
...situation in your industry i

Same Less

Do you expect to authorise more or less
capital expenditure - in the nexi 12
months than you authorised in the past
12 months on:

(a) Buildings

62 14 -

(70) Ul>
Less N/A

(b) Plant and machinery

Is your present level of output below capacity
Fie are you working below a satisfactory full
rale of operation)

34 15
(35) (12)
31 1

(32) (2)

No N/A

22 I
(23) '.<!>

Excluding seasonal variations, do you consider that in volume terms:

(a). Your present total order
book is

(b> Your present stocks of
finished goods are

Above

normal

Normal

Below

normal

N/A

7

2 9

63

’ 1

(5)

(30)

(65)

(— )

More than
adequate

Adequate

Less than
adequate

•N/A

22

63

4

II

(21)

(63)

(3)

(12)

Excluding seasonal variations, what has been
past four months, and what are the expected
four months, with regard to:

Trend over past

the trend over the
trends for the next

Numbers employed

four months
Up Same Down N/A
7 37 56 —

(7) (36) (57) (— )

Volume of total new

orders 23 46 27 4

(25) (44) (29) (2)

of which:

Domestic orders 25 47 27 2

Expected trend over
next four months*
U>Same Down N/A
G 48 45 —

(6) (52) (42) (— )

23 58 15 4

(20) (63) (16) (2)

(23) (48) (27) (1)

Volume of output 22 56 22 I

(21) (56) (22) (1)

Volume of domestic

deliveries 23 49 27 2

(20) (52) (25) (3)

Stocks of:

(a) Raw materials and

brought in supplies 12 58 25 4

21 at' 14 2

(16) (69) (14) (1)
21 61 17 I

(19) (63) (18) (1)

24 58 16 2

(19) (63) (16) (3)

EMPLOYMENT

The survey points to continu-
ing widespread declines in the
numbers employed, with a bal-
ance of 39 per cent of the com-
panies surveyed expecting a
reduction in the workforce
during the next four months.
This, combined with the expec-
tation that output will stay at
•about the same level, suggests
that productivity will improve
substantially.

COSTS AND PRICES

The 39 per cent balance of those

expecting an increase in costs

brought in supplies 12 58 25 4

(11) (59) (26) (S)

(b) Work in progress... 12 58 22 9

(ID) (58) (26) (7)

(c) Finished goods 17 48 23 12

(13) (49) (26) (12)

Average costs per unit

of output 46 45 8 l

(48) (44) (7) (1)

Average prices at which:

Domestic orders are

booked 38 51 10 —

(36) (55) (7) (1)

11 66 19 4

(10) (69) (IS) (3)

10 64 17 9

(8) (66) (19) (7)

11 58 19 12

(9) (57) (22) (12)

46 47 7 1

(58) (35) (5) (1)

36 59 4 —

(50) (46) (3) (l)

Approximately how many months' production is. accounted .for by.
your present order book or production schedule:

More

Less than 1

1-3

4-6

7-9

10-12

13-18

than 18

N/A

18

41

13

3

3

0

0

22

(20)

(44)

(10)

(3)

(l)

(2)

(I)

(19)

per unit of output in the next
four months has fallen slightly

four months has fallen slightly
and suggests that firms believe
that the recent low rate of
increase will continue.

A fifth of those companies
engaged in exporting- were
more optimistic* than they had
been four months previously
about their prospects for the
next 12 • months. This is
balanced by just over a fifth
who are less optimistic. The
CBI says this suggests a
marginal decline in companies'
confidence about export pros-
pects after four consecutive
surveys in which positive
balances have been recorded.
Companies employing: more
rhan 500 people tended to be
less optimistic on this score,
while the smaller firms con-
tinued to show more optimism.

Questions on export orders
suggested a slight weakening
of demand. The CBI comments:
“The expectations yielded by
the surveys since July last year
have pointed to hopes of a very
limited recovery and so the
absence of rises in export
demand is rather disappointing.
The proportion of exporters
wh*ch regard export order
books as below normal has
risen slightly to 56 per cent
compared with 53 per cent in
January, but is still below the
62 per cent recorded in July
1981.

Replies on export prices in-
dicate a limited rise recently,
but companies appear to expect
increases to be less marked
during the next four months.
CORPORATE LIQUIDITY
• The special six-monthly ques-
tions on corporate liquidity re-
veal some improvement over the
past year. The balance of com-
panies expecting an improve-
ment in liquidity for the period
October 1981 to October 1982
was 19 per cent, which is the
largest balance recorded since
this question was Arst asked
in. 1974. Moreover, past results
indicate that companies tend to
be pessimistic in their forecasts
of liquidity by a large margin.

The CBI says the results
point to a “ substantial ” re-
cover}' of liquidity this year.
However, the survey also indi-
cates that 12 per cent of com-
panies still consider reductions
of stocks to be necessary in
response to deteriorating- liqui-
dity.

What factors are likely to limit your output over the next four
months: ...

' Materials - ■'

Orders Skilled Other Plant Creditor orcom-

or sales labour labour capacity finance ponents Other

(93) (3) 40) (4) (I) . (3) (2)

in relation to expected demand over
the next 12 months is your present
fixed capacity

More than ’ _ Less than

adequate Adequate adequate

fixed capacity 61 37 2

(58) (39) (3)

What are the main reasons for any expected capital expenditure
authorisations on buildings, plant or machinery over the next
12 months:

To expand To increase

capacity efficiency For replacement Other N/A
10 69 52 5 10

(12) (69) (S3) (6) (tit

What factors are likely tn limit (wholly or partly) your capital
expenditure authorisations over the next 12 months:

Shortage of
labour

Inadequate including

net Shortage Inability Unccr- managerial

retum-on of to raise Cost lainly and

proposed internal external of about technical

Investment finance finance finance demand staff Other N/A
37 21 2 ll 50 l 2 11

(39) (20) (2) (12) (52) (2) (2) (10)

EXPORT TRADE

Companies completing these questions have direct exports exceeding
£10,000 per annum. Number of respondents: 1,240.

Are. you more or less optimistic about
your export prospects for the next 12
months than you were four months ago

More Same Less N/A

months than you were four months ago 20 57 22 1

(20) (63) (14) (3)

Excluding seasonal variations, do you consider that in volume terms:

Your present export order
book is

Above

Below

normal

Normal

normal

N/A

14

29

56

i

(5)

(30)

(63)

(— )

Excluding seasonal variations, what has been the trend over the
past four months, and what are the expected trends for the next
four months, with regard to:

Trend over past Expected trend over,
four months next four months .

Up Same Down N/A Up Same Down N/A

Volume of total new

export orders 19 52 26 4 17 67 13 4

(24) (45) (28) (4) (19) (64) (14) (4)

Volume of export

deliveries 21 50 24 5 26 51 13 5

(22) (53) (20) (5) (23) (54) (17) (5)

Average prices at which
export orders are

• booked 33 53 11 2 28 61 8 2

(28) (59) (9) (4) (46) (51) (4) (4)

What factors are likely to limit your ability to obtain export orders
over the next four months:

• Delivery * Quota and Political or

Prices dates
(compared with over-
seas competitors)
68 8

(73) (6)

‘ Quota and Political or
import economic
Credit or licence conditions
finance restrictions abroad
8 13 45

(9) (9) (43)

Scottish demand and output are still flat

BY MARK MEREDITH, SCOTTISH CORRESPONDENT

THE CBI quarterly trends for
Scotland show some steadying
of business confidence.

Demand and output remain
flat and expectations do not sug-
gest much change in the nest
tour mouths.

Isolated areas for encourage-
ment include improved rate of
domestic housebuilding,

inquiries to the leisure industry
and in electronics in Scotland.

Confidence in Scotland
appeared slightly greater than
the CBI survey of the UK as a
whole, according to CBI officials
in Glasgow,

.In Scotland, the April trends
point to continued labour shed-
ding in the manufacturing sec-
tor.

Forecasts for the next four
months show that companies are
expecting further reductions in
numbers employed.

The service sector, particu-
larly banking and North Sea oil
servicing, are not covered by
the survey and might shed a
slightly more optimistic light
on economic forecasts.

According to the CBL export
orders and deliveries appeared
broadly stable although slightly

more companies were less,
rather than more, optimistic.

Export orders, according to
the CBI, have been and are ex-
pected to decline although at
a slower rate of fall. -

The flatness of outlook cornea
in the survey of activity levels
among . the 132 companies
responding to the survey.

In terms of volume of ouiput.
20 per cent report an upward
trend in their volume hut 27
per cent report a downward
movement.

A similar slisht downward
trend appears in the volume of

total new orders to Scottish
companies.

Capacity utilisation has im-
proved a little but a large
majority of companies are
operating below a satisfactory
full rate of operation. .

• The CBI Scotland survey also
shows the majority of com-
panies expcctina to authorise
less capital on building in the
next 12 months than in the past
12 .

In icrms of the Scottish sur-
vey results, increases in unit
costs continue to be at an his-
torically low rate.

Mr David T. Smith has been
appointed gTQUP treasurer of'
Tate and Lyle (Tom June. L- He
succeeds Mr Gordon J. $. Tans-
well who retires on May 3L Mr
Smith has been with Tate and
Lyle for five years as. deputy
finance director and group taxa-
tion manager. Before joining
Tate and Lyle he was group
taxation manager with Grindlays
Bank.

+

Following the acquisition by
Trusthouse Forte of PERRY
PUBLICATIONS, Mr Geoffrey
H. Perry managing director and
Mr Nick Perry, marketing
director- respectively of Perry,
have decided to leave.

*

Mr Ernest S hen ton has re-
signed as a director of DIXONS
PHOTOGRAPHIC. Sir Eddie
S tyring has been appointed
marketing director.

. *•

Mr Dennis Webb has . been
promoted to finance director and
company secretary of the
Wolverhampton-based CHARLES
CLARK MOTOR GROUP after
eight years as group chief
accountant.

*

Sir Philip Hirth has been
appointed company secretary of
SAWARD BAKER AND CO.

&

Mr Roy Haines has been
appointed to. the new position
of deputy treasurer of
NATIONAL WESTMINSTER
BANK'S international banking
division. He was 'a senior
executive within the treasurer's
department, " international
division.

*

UK PETROLEUM INDUSTRY
ASSOCIATION has re-elected
Mr S. D. Watkins (Sbell) as its
president Mr I. R. Walker (BP)
and Mr J. C- Loweln (Mobil) are
vice-presidents and Mr P. J. M.
Wilson (Chevron) is treasurer.
All are managing directors of
their respective companies.

Mr J. Campbell, general mana-
ger, Norwich Union Fire Insur-
ance Society, has been appointed
chairman of the FIRE PROTEC-
TION ASSOCIATION. Mr V. C.
Bryan, general manager (UK
division) Commercial Union
Assurance, has become deputy
chairman.

*

The U.S.-based industrial
products and electronics sector
Of JOHN BROWN has formed a
European organisation. Mr
Robert McM array has •' been
.named, deputy-chief- executive.
Based in London. Mr McMurray
will direct European sector
activities including machine
tools and plastics machinery'
operations. Mr Robert Trojan
will continue as chief executive
of the John Brown machine too!
division consisting of Wickman
Automatic Lathes. Webster and
.Bennett and Wickman Auto-
mated Assembly. Mr ; Michael
Wicken will be the. chief execu-
tive of the plastics machinery
division. Europe^ which wiB in-
clude Bone Cravens, Daniels
Engineering and Tooling
Products, all in the UK. He will
also he responsible for Negri
Bossi in Milan.

*

REED GROUP, the paper and
packaging division of Reed Inter-
national. has appointed Mr
Dennis Sutherland finance direc-
tor in succession to Mr Joe Lewis
who has retired. Mr Sutherland
I was finance and commercial
director of Spicers for five years
! until 19S0 when he was
appointed director of planning.
Reed Group and chairman of
Aylesford Systems and Computer
Equipment.

*

3Ir Sidney Leader Cramer re-
tires as a director of AUSTIN
REED GROUP and as chairman
of the croup’s manufacturing
companies on May 10.

•k

At the annual meeting of the
NATIONAL FEDERATION OF
BUILDING TRADES EM-
i PLQYERS Mr Malcolm Fordy
was elected president for 1982-83.

*■

Mr J. C. M. Cutftbert has been
appointed deputy managing
director of FENCHURCH SCOTT
REINSURANCE BROKERS.

*

Mr Ewart George Thorne,
executive director and group
secretary of the TREBOR,
GROUP, has retired. New group
secretary is Mr Peter Whalley,
who joined Trebor in- 1981 as
assistant secretary.

ir

Following tlie offer for Sea-
> scope Holdings becoming un-
conditional the following have
been appointed directors of
HENRY ANSBACHER HOLD-
INGS: Mr Charles B. Long-
bottom, Mr David P.
d'Amhnimenii, Mr John Graham,
Mr Hugh R. Sykes, Mr Thomas
D. H. Young, Mr Thomas M.
Aron (U.S.). and Mr David H.
LcRoy-Lewis. Mr Charles C. P.
Williams has been appointed
chief executive and -Mr John F.
Jackman has been appointed

secret arv-

*

Mr Adrian O’Neill, display
advertisement manager of The
Observer, is joining TV TIMES
MAGAZINE as advertisement
sales and marketing director.

• *

ARLINGTON SECURITIES
has appointed Lord Keith of
Casilcacre as chairman. Sir
Charles Mander, who has been
chairman of Arlington since its
formation, is to remain as a
director and deputy chairman.

*■

Mr Jack Watmongh has retired
from the boards of Watmoughs
and Bridge Graphics. He re-
mains deputy chairman of WAT-
MOUGHS (HOLDINGS) and Mr
Colin Maughan becomes deputy
chairman of Watmoughs- Mr
Douglas Greaves has retired
from the boards of Watmoughs
(Holdings) and D. H. Greaves.
Mr Greaves is to be a consultant
to Watmoughs (Holdings).

*

Mr William B. Slater -has been
appointed chairman . of |
ASSOCIATED CONTAINER
TRANSPORTATION (ACT) sue-
ceeding Mr R. A. Lloyd who con- I

tinues on the board. Hr Slater
is managing director of the
Cimard Steam-Ship company.
Mr B. R. Haztitl has been
appointed .chairman of
Associated Container Transporta-
tion (ACT) Services, succeeding'
Mr Slater. Mr Hazlitt is manag-
ing director and deputy chair-
man of Blue Star Line.. ‘

COUNTY INSULATIONS has
appointed Mr Henry Denison as
financial director. He was ’pre-
viously a partner with Clemence
Hoar Cummings...

* .

FLESSEY - ELECTRONIC
SYSTEMS, - . . defence systems'
equipment arm of The Plessey
Company, has appointed Mr
Philip Hamer as director of
overseas operations. He joins
Plessey from. PA Management
Consultants where he was a
senior cDnsultanr specialising in
defence electronics. •"

Mr Neville R, Barkes, chair-
man - TSB North East, Mr
Kenneth A. MHIichap, chairman.
.TSB North West and Mr - Peter
J. Cook, general manager TSB
Wales and Border. Counties havh
been appointed directors of
CENTRAL TRUSTEE SAVINGS
BANK (CTSB). CTSB, a recog-
nised bank under the Banking
Act 1979, -provides clearing and
wholesale banking services nc
behalf of the TSB Group Mr
Denis Eadie, former chairman -
West of Scotland TSB and Mr
Albert Owen, general- manager
. TSB North West are retiring
from the board. -
it

. Mr Cesare PettorelU has been
appointed Italian country officer
of PRIVATBANKEN.. He joins
the Danish Bank in London
from . the European Investment
Bank, Luxembourg.

Changes at Ranks
Hovis McDougall

Mr Donald W. Nutting has
retired from the board of RANKS
HOVIS McDOUGALL. Mr A' F.
Hirst, managing director of RHM
general products division, will
retire on May 31. The general '
products division has been
reorganised into two separate,
smaller operating divisions, from
May 1.

One division is , the RHM
grocery division, beaded by Sir
Bryan Gibbs, managing director
of RHM Foods. As managing
director of RHM •- grocery
division, Mr Gibbs' resuon-
sibiiities include all RHM
branded grocery product com-
panies (RHM Foods. Shar-
wood's and Pasto Foods), a
Denmark-based fond company
(Babncke), and a catering supply
company (McDougalls Catering
Foods). '

The new general products divi-
sion is led by Mr Paul Coker,.

the operations director nf Rank
Hovis (RHM’s flour milling sub-
sidiary). In his new role as
managing director of the general,
products divisibn,. be will over- ;
see a chocolate confectionery
company (Stewart and Arnold),
a Scottish' cereal and pulse food
company : (William Brock . and
Son), a cheese and butter supply
company (Dairy Produce
Packers), a French salt packing
company (Salines Certbos) and
a cheese company in Northern
Ireland (Antrim .Creameries).
Mr Coker : will also he respon-
sible for two mushroom growing
companies (A. G. Lmfield and
Shepherds /Grove - Mushrooms)
from September.

Mr P. A. Metaxa has assumed
duties as deputy managing
.director of RHM Cereals and
operations " director " of Rank
Hovis. •

The GEC-AVERY GROUP has
appointed Mr Neil Gardner as
managing director, of its Driver
Southall division following . the
death of the company's previous
managing director Mr Tony
Braddock.

'*

. - WINDSOR LIFE ASSURANCE
has appointed Mr Brian D. Wood
as chief financial officer.

Mr Jihr Brooke: has been pro
mo ted 'to managing director,
P & O. ROADWAYS. He joined
the company in 1969 and will
continue- to be based at Felix-
stowe. ..

-It

■ Following reorganisation! - of
the -capital structure of SPL,
SYSTEMS •> : PROGRAMMING
HOLDING,. (SPH), the holding
company, lias made the following
■SPH. board appointments: Acting
for' the" tune being as chairman
is Mr . Robin Gill, who is chair-
man - of Standard Industrial
Trust Managing director is for-
mer chairman and managing
director. Mr Peter Adams, who
remains chairman and managing
. director of SPL.- New appoint-
ments to the Board representing
Western ^Broadcasting Company,
the holders of 60 per. cent of
SPH, are: Mr F; A Griffiths,
chairman of Western Broadcast-
ing, Mr F. W. Griffiths, Mr J. R.
Peters and Mr D.Owen, all direc-
tors of Western Broadcasting.
Mr David Rod way becomes
director responsible for the UK
operations and Mr M. Yale con-
tinues as secretary and financial
director.

■ • + - . • -

The ENGLISH ASSOCIATION
TRUST has appointed Mr G. P. L.
Addison as a director.

Reorganisation
at Manson
Finance Trust

Mr R. R. Pulman, a director
nf Unigate, has been appointed
chairman of WINCANTON
GROUP. He has been succeeded
as -managing director of Wincan-
ton Group by Mr R. D. Yeomans,
previously managing director of
Wincanton Transport
★

Robert Fleming Holdings has
formed ROBERT FLEMING
MARINE as a subsidiary of
Robert Fleming Insurance
Brokers. The board of the new
company consists of: Mr P. L. B.
S tod dart (chairman). Mr B. W.
Pearce, Mr W. L. Banks, Mr C. J.
Bowring, Mr It D. Chase, Mr
A. C. Tanner and Mr G. F.
Tebbutt

/ -. Mr Leonard Humphrey, manag-
. ihg director of Humphrey Scaf-
folding (Brighton) has been
elected president of the
NATIONAL ASSOCIATION OF
SCAFFOLDING CONTRACTORS
for 19S2-83. The new senior
vice-president is Mr Michael
Onniston. deputy managing
director of GKN Mills Building
Services and the junior vice-
president is Mr Robert Kewell,
contracts director of Palmers
Scaffolding. '

★

Mr D. J. Sebire has resigned
from the board of Arlington
Securities to allow him to dewite
more time to Ariel International
of which he is finance director.

Mr John Mowat, a former
senior executive with the Royal
Bank of Scotland, has been
appointed joint chairman and
managing director of MANSON
FINANCE TRUST. . Mr Mowat
joined Manson a year -ago and
his appointment as joint chair-
man, iii succession to Mr Aron
Lawson, is part of; a major re-
organisation of Manson Finance,
which is a member - of the
Malaysian Hong Leong group.
Manson’s UK - operations have
been reorganised into three main
divisions — banking (Edward Man-
son and C o,), property and mort-
gages (MFT Securities), . and
financial services (Manson
Finance Management). Mr Mowat
takes over as executive chairman
of the banking division and Mr
Ron Williams, a former clearing
banker, is the general , manager.
The financial, services division,
which includes leasing factories
and insurance broking will be
under the direction of Mr Martin
Forman and Mr Robin Hirshman
has been appointed managing
director of the property and
mortgage division.

STOCK EXCHANGE BUSINESS IN APRIL

Falkland Islands crisis stifles
Stock Exchange business

BY NIGEL SPALL

THE ARGENTINIAN invasion
of the FaLklands at the begin-
ning of the month restricted
business on the London Stock
Exchange throughout April.
Turnover of. £13.60bn in all
securities in Aprii fell well
below March’s £22.73bn which
was the highest on record.

The fall in business of. just,
over 40 per cent in money terms
also partly reflected three fewer
trading days in April than in
March. The Financial Times
turnover index for AH Securities
receded to 416.6 in April com-
pared with the 696.4 peak
recorded in March. The overall
number of bargains decreased
by 202,431 on the month to
390,371, but the average Value
per bargain improved by £248
to £8.805.

Gilt-edged securities regis-
tered the most dramatic drop in
husiness, turnover here con-
tracting by £7.90bn. or 44.4 per
cent, to £9.S9bn. - A fall of
£5.74bn in the longer-dated and
irredeemables, to £3.89bn. was
the main feature, turnover in
the short-dated stocks decreasing
by £2.i6bn to £6.00bn.

The number of gilt-edged
bargains fell by 33.608 to 66.346,
with a 23,930 fall to 47.026
taking place in longer-dated
issues. Bargains in the shorts
dropped by 9;67B to 19.320.

The implications of the Falk-
land Islands crisis took their
tool on market sentiment

eoor-HOW STOCK EXCHANGE TURNOVER IS MOVING

Monthly Averages 1967 “1QO

. . WTBfl.HVtffiei.SIW™ . . .

WHUfflW ULSCME

throughout ’ the month. The
Financial Times Government
Securities! index, down .1.69
points at 67.65 on April 5,
recorded its biggest one-day fall
since June 13 J.979. Sub-

sequently, it fluctuated with the
ebb and flow of hopes and fears
about a peaceful settlement and
closed the month 1.23 points
dawn on balance at 67.70.-
Tumover of £2J5Sbn in the
equity seclor was down £0.83bn,
or 24.3 per cent, on the previous
month. The number of equity
bargains decreased by 158,140
to 293,119 arrd the Financial
Times turnover index for ordi-

nary shares dropped from
March's peak of 752.9 to 418.6,
its lowest level since last
September.

.Conditions to the equity
market . were also extremely
thin and sensitive as investors
held off awaiting developments,
but a batch of cheerful company
trading statements, including
some favourable news from big
names, helped counterbalance
political uncertainty. ' "The
Financial Times . Industrial
Ordinary Share index registered
its April low-point of 544.8, but
rallied to close the month a net
6.6 points up at 575.1.

Category

British Govt and British
Govt Guaranteed:

Short dated (having five yean
o r lent to run)

Others

Irish Government:

Short dated (having five years

or less to run)

Othe rs •

UK "Local- Authority -
Overseas Government: -r • -
Provincial and Municipal
Fixed interest stock pref. and
pref. ordinary 'shares

Ordinary shares
Total

■•Average of an Securities^

Yalue of all - ,

purchases % Number %

& sales of of of '

£m total bargains - total

Average Average Average

value value per number of
per day bargain bargains

tm . £ perday

5 , 998.2 44.1

2,292.1 28.6

19,320^ 5.0

47,026 T2jf

210,46 4 9 66

82,764 . 2351

299.6 2i9_

258. 0 T.9

321.8 2 A

1.6 75 0 .4

2^71 - 0.6

4,239 l.f

23BJS7 2 84

10 M17 nf

75390 2T2 r

2480.9 19JD
13,597.0 -UHLO

_ 21,86 6 ' S .6

293,119 tfiV
390 ,371 100.0

' 5^7 7 1 ,093

AJ80S K6S6

34,831* 19,51**

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:Viaaadtf^3?ioes* Thursday May 6 1982

TECHNOLOGY

15

EDITED- BY ALAN CANE

NatWest first with ‘electronic bank managers’

BY ALAN CANE

■*»yTe v

A BANKING revolution has
been taking place auieUy
behind -the unlikely doors of
National Westminster's Surbi*
ton branch.

In ihe past year.. Mr David
Reyfate. the manager, has been
involved In an experiment
which qaalifles/bim to call him?
self, rhe UK’s "first electronic
branch manager"

Now,- NatWest seems so
.pleased with the Tesults Of its
trial that it Is extending the
scheme, at a cost of more than
£3m, to a further. 51 branches.

The experiment " is office
automation applied to the bank-
ing world.

Banks are, of course, already
very advanced in the use of
back office- technology — auto-
mated cheque clearance, com-
puterised customer accounting-
software packages for foreign
exchange dealing.

Credit limits

-They are making dramatic
strides in the use of front office
equipment — sophisticated auto-
mated teller machines, counter-
terminals which relieve the
cashier of much of the .hard
work of recording transactions

and checking credit limits.

The Surbiton experiment was
designed for a different pur-
pose: to get rid of much of ihe
administrative paper in the
branch.

More specifically, the trial
was designed to eliminate custo-
mer records on paper.

So Surbiton branch customers
seeking an overdraft from Mr
Reygate find their ordeal does
not quite follow the tradi-
tional pattern.

The bulky, usually dog-eared,
.file containing the notes of all
the bank's dealings with that,
customer is conspicuously
absent from Mr Rcy gate's desk.

Instead, he has a low, neat
keyboard in front of him and
he frequently consults a large
visual display unit set at his
right eFobw.

The screen and the keyboard
are part of what NatWest calls
ils “branch processor. 1 * It is
actually an IBM 8100 system,
the computer IBM Is offering
as the mainstay of its auto-
mated office programme (see
this page December 23, last
year).

Surbiton his one processor
and a number of terminals
distributed through the office.

‘A sub-branch at Hinchley Wood
is connected to the S100 over
the telephone line when com-
munication is necessary.

Any member of staff can call
■ up. a customer’s records on the
screen — there is do need for
security because they would
all have had access to the
traditional paper files.

Personal details

The 8100 system is linked
to tbe bank's main computers
in London and Kegworth,
Leicestershire, which hold aU
customer's account details.

So the branch manager calls
up a customer's personal details
and his or her financial history
at the press uf a few keys.

Mr Bey gate points out: " As
well as general customer details
my staff and 1 can find out full
information on a customer's
account without having to move
away from our desks. This
results in customer inquiries
being handled in a fraction of
the lime they used to toko."

No hardship

Staff at Surbiton seemed to
like the system. Each customer's
details have to be entered in a

precise and compact manner —
there arc obviously restrictions
on space in a computer file that
do not exist in the paper
equivalent.

But Mr Keygale's staff think
that the discipline of compress-
ing the information is no hard-
ship.

There are other advantages:
files cannot get lost or mislaid
— the master copy resides in
the branch processor’s memory.
Updating and annotating is a
simple matter compared with
the dubious efficiency of hand-
writing notes on a Cardex file.

So Mr Reygale and his staff
are happy. What about his
customers?

Not surprised

“Many of the companies in
this area are involved in the
electronics or computer busi-
ness." he points out, “ they see
nothing surprising about it
at all.*’

And NatWest is happy. It
intends to instn) 11 branch
processors serving 51 branches
in the Epsom area.

Mr Brian Keyte, senior
executive for planning and
development, said this week:
“We believe in the concept of

Contract —
Research & >
Development-
Contact IRD

International Research ■

& Development Co Ltd •••-
Fossway, Newcastle upon -b
TyneNE 62 YD

Mr David Rejrgatc— no longer needs the customer’s dog-eared file

the paperless office. Wc do not
believe our present methods
involving paper files will be
able to cope in the- future.

“ Wc are running out of space
to store paper records.

“ Furthermore, the experi-

ment at Surbiton has proved
successful. It met its design
aims and we believe wc must
build on this foundation quickly
if we are to gain the right sort
of experience and. leant how to
modify the system to suit larger

scale operations.”

NatWest is the first UK bank
to instal computerised customer
records. .As competition between
the. big clearers intensifies, it
will not stay unchallenged for
long.

Robot for the price of a family saloon

SPERRY VICKERS AUTOMA-
TION AND PNEUMATICS at
Telford, Shropshire, needed a
"pick and place robot" for its
valve production. plant. It was
quoted £70,000. So. using, as
it says, “its .own automation
and pneumatics expertise," the
company designed its own robot.

The result, a-’ robot which it
intends to manufacture for
ether interested users. It uses
existing Sperry components and
will, says the company, sell,
depending on the options
required, for about the price of
a typical family- saloon- car.- -

Speriy claims that by using
its own electronic logic control,
cylinders and actuators to meet
a wide range of production load-
ing and transfer requirements
it can. produce robots at a frac-
tion of the cost of comparable

equipment and transform the
market for ' industrial robots,
particularly for the smaller
manufacturer.

Opportunities

The company plans to be
manufacturing a range of robots
at Telford by next year.

Mr Arthur Spencer, Special
Projects Manager, said of the
new robot: “A low cost auto-
matic -‘ pick and. place 1 unit pre-
sents enormous opportunities to
industry. -It will enable smaller
manufacturers to become more
competitive by achieving levels
of productivity usually confined
to companies capable of consid-
erable capital investments”

The standard robot for the
company’s own use can be pro-
grammed to perform a wide

range of “pick and place” func-
tions using both vertical and
horizontal movement at up to
five stations on a 240 degree arc.

The capability, it is claimed,
makes it particularly suitable
for special purpose machine
loading and automated assembly
operations.

' As an initial tough test
Sperry is using the robot for
field tests on a demanding pur-
pose built valve machining
centre where its multi-station
capability will be fully extended.

Hie robot has been con-
structed in modular form for
ease of installation and mainten-
ance with a stand alone console.

The linear module has a vari-
able stroke. of 0 to 12 ins. This
is pneumatically operated and
hydraulically damped with fine
adjustment by dead stops with

built in proximity switches. A
variety of gripping attachments
together with a rotary arm will
be available.

The lift module works on the
same principle with a 0-3 ins
vertical stroke as standard.

Actuators

The indexing module offers
maximum rotation of 240
degrees with up to five stations
set at 60 degrees spacing. These
are standard but actuators can
be fitted with or without uplift/
extending arm/ indexing facili-
ties as required.

Small manufacturers might
like to forego this year's new
family saloon and buy a robot
instead. Phone Mr J. Minchell
at Speriy (0952 586000).

MAX COMMANDER

Texas aims for new standards

LITER THIS year Texas
Instruments will be entering
the relatively new field of the
industrial LAN (IpcaJ area net-
work) and appears to be aiming
at establishing new standards
for the factory based on X25.
the CCITT West European
standard for user-to-network
access in packet data transmis-
sion.

According to Mr P. Emerson,
TI’s European marketing
manager for industrial controls,
there is no guarantee that cur-
rent or proposed local area net-
works, aimed almost entirely
at the office environment, will
meet factory automation needs
or survive the Industrial
environment.

There is a more crucial need
in factory systems to transfer
data quickly and the hardware

needs to be more robust und
resistant to noise.

The announcement is accom-
panied by the release of two
new programmable controllers,
the models 520 and 530. dif-
fering mainly in terms of input/
output capacity and' memory
size. The model 530 has some
7,000 words of efficient user
memory, 1,023 input/output
points and can accommodate
over 30 high-level instructions.

But TIs networking plan is
likely to attract most attention.
It is a peer-to-peer, but never-
theless is being planned as an
“opep" network. Thus, any
kind of device can talk to any
other, and the devices will not
have to be of TI origin.

In addition, there will be
interfaces to major computers
to proride for factory-wide

management information

systems — the computer simply
becomes another node on the
network, with access to all the
programmable controller and
other devices.

The data rate on Tiway 2 will
be lm bits/second, over coaxial
cable, and there will be high
integrity says TI, with no more
than one undetected message
error in 100 years.

From its semiconductor
operations, TI plans to produce
high performance chips and
small interface modules to sup-
port the network. These will
allow universal interconnection
to the data highway

Mr Emerson says: “We expect
to complete our detail design of
Tiway 2 later this year."

GEOFFREY CHARUSH

Robotic

machines

DAINICHI-SYKES Robotics?
which was formed last year iff
Bomber Bridge, Preston, as the
result of an agreement between
the British owned Skyes Group
and Dainichi Kiko of Japan, a:
robot specialist, will bfi
marketing two new machines mi
Europe from this week. *

The smaller of the two Is the*
PT300, a DC servo-driven art^
ciliated arm with a wide operat-
ing envelope and a lifting capa-
city of 5 kg. It will be sup,,
plied in two forms, a basically
horizontal plane configuration
suitable for component handling
and assembly and a vertical
plane version that gives added
flexibility for arc welding,'
machine tool loading and other
general purpose tasks. - n
PTS00 is somewhat larger,
has a vertical configuration and
can lift up to 25 kg. r

Together with its existing
products, the company claims
that it can now offer thd
“ widest variety of robot
systems of any manufacturer."
More on 0772 3224A4. . ,y.

SuperBrain 1
now available ■; 1

NOW AVAILABLE from «
Cambridge Micro Consultants ifl
a version of the SuperBrain i
microcomputer with a built-id .
S-100 interface. ■ \

This interface allows a nori ,
maUy business oriented com ; .
puter to communicate with the
outside world via analogue/ 1
digital input and output
devices. ;

The company says that this
opens up applications for the .
computer in scientific, engineers
Log and education. More in? ,
formation on 0223 31466R. * '•

4 No stranger to Queen’s Awards

INSTRON of High Wycombe
is.nO stranger to the Queen’s
‘ Award. This year's effort
. makes It five, three for export
, .and .two fpr. technology..

~ Instatin' makes materials
- testing ’ equipment. Servo
■ * hydraulic materials testers is
; ■ what Ihstron Calls Its
products; push and pull

Industrial Marketing
Communications?

A thinking advertising and
public relations service.

Erst Midbrookfndustrial

85 George Street; Marylebone,
London W1H 5PL 1 .

Tel:D1^486 8794.Telex- 897274 FMI.

machines Is a simple descrip-
tion of what they do.

The company received Its
first technology award for. a
new motor . drive system
which Improved the way it
was ahle to push and ' pull
bits of test material to
destruction.

Its latest award is for re-
placing all the knobs, buttons
and controls necessary to run
the old machines with a
microprocessor, visual display
screen and keyboard.

Accuracy

According to Roger Martin
of lnstron, microprocessor
control makes the new
machines — the 8000 series
— easy to use; complex test
procedures are simplified and
the tests can be conducted
reproducibly with high
accuracy and minimal risk of
human error.

There are six machines in
the range. The largest can
stretch or compress a test
sample with a force of .200
tonnes, - and are used in heavy
engineering, nuclear power
work, aeronautics and turbine
work.

The smallest model can be
used to test the breaking
point or a piece of plant
tissue or an artificial knee
joint

The decision to replaee the
old controls with a micro-
processor-based system was
entirely Instron’s and it re-
ceived no Government grant
towards tbe development
costs.

“ We have a large research
and development depart-
ment,’* Mr Martin said. “ and
we are continually looking for
ways to incorporate new tech-
nology In our products to
improve them."

A.C.

IMPORTANT NOTICE TO FRANCANA SHAREHOLDERS

FRANCANA
OIL & GAS LTD

SC EPTR E

RESOURCES UMfTED

Proxies in favour of certain mattersthatwifl be brought before a Special Meeting of tire
Shareholders of Francana on May 14, 1982 are being solicited by the management
of Francana.The matters involved mclude a resolution to approve an Exchange -
Aoreement whereby Francana will exchange its non-Canadian assets for shares of
Franca na now held by Hudson Bay Mining and Smelting Co., limited and MJnorco
Canada timited and the assumption by them of certain of Francana's indebtedness.
Also included is a resolution to approve an Arrangement Agreement ^etween Francana
and Scedre Whereby Francana's publicshareholdeis will exchange their shares of
Francana for common shares of Sceptre on the following basis:

5-- '<!>

. .i *5 »•'

is;-''

2.1 5 common shares of Sceptre Resources L&nitEd
ftg-eadi common share of FrancanaOil&Gas lid.

WfepBComm

tSSsESEssSSSSSSSsi

in favour of the Reorganisation-

Rnxiesmust be tfeposted not laterlhan WfVl3,^^C^^of^Pro^^tarrtGnt

and Info
Form, maybe*

)UM <*jy«mg Mfe»ljTiitad Bans Ry limited

Onfy the Forbes 500
makes real sense these days.

America has two magazines that
Tank its top 500 businesses— Forbes
and Fortune.

Both magazines rank the top
American companies by sales. But
Fortune only lists the sales of industrial
companies.That means if you need to
know where companies in hanking,
insurance, utilities, retailing, transporta-
tion, diversified financial and services
stand, don't look in the Fortune 500. Look
in the Forbes 500, because Forbes includes
aU publicly-owned companies, not
just industrials.

ATSG] for example, iankmg4th!n
the Forbes 500, doesn't even appear in the
Fortune 500. Neither do Sears, Citicorp,
Aetna life, American Express, CBS and
215 other majorcorpoiations. With all
those mergers and acquisitions between .
industrial and non-industrial companies
these days, only t he Fbrbes 500 makes
real sense.

So which list gives you America's
largest companies? The 500th company on
the Fortune list had sales of less than $455
nriUion-The 500th company on the Forbes
list had sales of over a billion dollars.

The Forbes 500 also ranks the top 500
companies in assets, inaiket value and
profits, by devoting separate lists to these
important areas.Whereas in the Fortune
500, this information is provided only for
the top 500 industrials.

And on top of this, Forbes combines
these four 500 lists and makes one big list.
A total of 798 companies quallfiedfor one
or more of them. So you see, not only does
ihe Forbes 500 give more valuable infor-
mation than the Fortune 500, it gives it to
youfar more sensibly.

This fact has not gone tmappre--
dated.' As proven by independent studies
done by Erdos and Morgan, Inc. over the
years, Forbes is the magazine read regu-
larly by more corporate officers in Amer-
ica's largest companies than any other
major business or news inagarine.No
wonder that in 1981, only seven magazines
‘-^weeklies—cam^d more adverti sing
pages than Forbes.

So if yoii want your advertising read
by the top peoplein the Forbes 500 com-
panies, it makes sense to place it in the
magazine more of the leaders in
American business depend an.

Forbes

CapitalistTod*

Emrftmharnfibnna^

Schoff. Director of Intcmaaoml Advertising,

3 SW,SSSf^" nw

.

r

-b

r

b

i;
‘ F

£

i *

' financial Times ThuxsSay May" 6^1882

cy

msmmmm

London

£20,000 4-participation

For the headquarters of a £70m group whichis a leader in its field of
raw material and chemical merehantirig-

In addition to the financial management ofUK. operations you will
hare functional responsibility for die accounting of a number of associated
companies overseas. An early priority will be the management of a new

You will be a qualified .acoauntant ideally with, experience of foreign
exchange and systems develc^menc You’will have the opportunity^ make
a substantial contribution to the commercial direction of the business, and
to participate in equity. -

Write in confidence toB. H- Simpson, quo ting jef.-S05Z? at
10 Bolt Co iirr, London EC4 (telephone 01-583 3911).

igTilKiUiiiu

CilwT

Accountant/

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Wfi

Management Selection Limited

ACCOUNTANCY
APPOINTMENTS
Appear every

Thursday

Rate £29.00

Per Single Column
Centimetre '

•!*

• v. ; . ;; v.

« t manual -

■■". y y, f ■.> . ;- t * . . - •• v-ycR <’ * . •••?

• ^Substantial B^nelilir r :

■-. ’ • ; Brighton.;,^

y^dTTTrEOl

Assisting the management of the Travelers Cheque
Di vision you will beresp onsible for produdng
financial information, analyses and costings including
developing systems arid techniques to aid cost control
and the identification of profitable sales expansion
opportunities. ■

Qualifications mil be in one of the recognised
Accountancy bodies and/or a degree m business
studies. Previous experience will encompass 2_or 3
years involvement in management reporting,
developing financial models and computerised
accounting systems.

The excellent benefits package includes mortgage
subsidy, nan-contributory pension and medical-schemes..
Please apply for further details and an application
form to Bavid MiUer, Personnel Manager,

American Express Travelers Cheque Division,

Ames House, Edward Street, Brighton or telephone
Brighton 693555 extension 5872.

For a leading role in Current Cost Accounting
Inexcessof£i0,000p^L GATWICK

As owners and operators of seven major Our neecfis for an ambitious, qualified or
airports in the UK, including Heathrow nearly qualified Cost & Management^
and Gatwick, British Airports are reliant Accduntant,.probably.aged between 27 .
on accurate financial information. We and 35 years. You must demonstrate a
now wish to strengthen our professional logical, enquiring mind, plus the ability to
team by appointing a Management ‘get things done . An appreciation of

Accountant at our Head Office in service industry costing and/or

Gatwick. -

Reporting to the GhfefManagemenf
Accountant, your prime responsibility
will be to manage the Fixed Assets and
Budgetary Control functions— .
producing reports which provide timely
and accurate management information.
As we are acknowleaged.to be at the ‘ .
forefront of thinking on
Current Cost Accounting, your
role will be vita!, with a high
degree of responsibility.

M . British ,

Airports

service industry costing and/or
experience in trie use of computerised
systems would be a distinct advantage.

We offer a salary in excess of
£10,000 p.& with an index linked pension
scheme. There are good prospects for.
career development.

Fbr more irifonnation, please tele-
phone ofwrite to: Isabel Lambert,

; Personnel, British Airports.,
^Authority, Gatwick Airport ;
Gatwick, West Sussex
RB6.0HZ. Tel: (0293) 59501?.

*

Executive Selection Consultants

BIRMINGHAM. CARDIFF. GLASGOW. LEEDS. LONDON. MANCHESTER, NEWCASTLE and SHEFFIELD . '

it.VJi

London , cJ12,500 (with early review)

Excellent opportunities for North America.

Due to the promotion of candidates offered positions with our client last year,,
we are now seeking further applications for the above position. This North
American group with a turnover q££ 4V» billion per annum is a world leader in
transportation and ancilliaiy services. Their management auditors investigate
the operations of group subsidiaries world-wide andrecorumend corrective
action. Good performance is rewarded by speedy promotion, normally into a
responsible line appointment, either in finance or-general management, with
the possibility' of North American transfer. An accounting qualification and/or
M.B.A. are essential together with the ability to perform unsupervised on solo
projects. Special consideration will be given to candidates with shipping or
transportation experience. Fringe benefits are comprehensive.

E.H. Kirkham, Bef: 15044/FT. Male or female candidatesshould telephone in
confidence for a Personal History Form 01-734 6852, Sutherland House,

5/6 Airndl Street. LONDON. W1E 6EZ.

London

Systems Accountant

ion c.£ll,000p.a.

renowned Cable & Wireless Group , and specialises in the Sales anrf j^fainfonanro nf
. telecommunications an d .mini-computer systems.

We now require an Acccuntant to farther develop our existing computer systems, in vo l v in g the
design and implemen ta tion of th e Management Info rmatio n Reports necessary to control the
Company's planned rapid expansion over the next three years. As the systems role develops the
successful candidate will assume the duties of Financial Accountant, -with lmBmananomowi
responsibility for accounting and progr amming staff.

Applicants should be newly qualified havina gained practical experience of computerised
syaem applications, preferably in a mim-compuier environment, and will be used to interpreting
and denning user requirements. Some programming experience is essential and a working
knowledge of COBOL vrould be advantageous.

Our Company has? a commitment to personal development and training as well as offering those
benefits associated with a large organisation.- '■* •’ - .

. Please write or telephone io: Susan ITarby, Cable & Wireloffi DESeryicesLtti, -

BSHackMaisRoad, London SE1 8HQ. TeL 01-633 SSZ7.

Two Recent A.C.A(s

We design and manufacture civil and military aircraft,
guided weapons and space systems; employ over 79,000
people at 21 sites in the United Kingdom; successfully
operate in an intensely competitive mtemationaf market;
and have a turnover of more than £V / 2 billion.

The two opportunities are in -the small, professional,
financial team in Company Headquarters at Weybridge.
Those appointed will be expected to contribute success-
fully for two to three years and then merit career advance-
ment Salaries and benefits are competitive.

The Treasury Accountant will assume responsibility
in the Company Treasurer's department for the major
recording and reporting of the very substantial money
-transactions with the major banks and other financial
- i nstituti ons, im pie mented throug h this central department
on behalf of all British Aerospace units, and will also assist
in the computerisation of the above activities.

The Financial Accountant, based in the Company
Financial Controller's department, will be expected to
assist with financial and management accounting and
reporting, forecasting, financial modelling arid - project
assessment involving EDP systems.

We expect to appoint two recently qualified A.C.A/s-say
25 to 28. They will be numerate and able to express them-
selves dearly, confident of their ability and motivation to
respond to demanding pressures and to succeed in
industry.

Please write with a C\l or a. brief summary of age, qualh
fications, employment and salary and specifying which
vacancy.'

F.P. Rhodes,

Corporate Adviser - Personnel,

British Aerospace Headquarters,

BtooJdands Road, Weybridge,

Surrey KT13 0SJ.

Northern England . ^

From £20,000 p.a. + Equiiy

Our client is an extremely successful private company in packaging
and plastics. Its recently restructured Board, which is determined to
accelerate profit growth by market expansion and acquisition, now seeks a
Financial colleague. The prime task will be taguide an enthusiastic
enterprise by sound professional and imaginative advice. He or she will be
supported by a highly competent established accountancy tearru-

Candidates (30’s/early 40’s) will be qualified (probably FCA) with
industrial experience at senior level. Salary is iiota limiting . factor and a
share of equity awaits evidence of personal commitment

Suitablyqualified men and women, pleaseapplyfordn :
r V application form, quoting reference C.285/FT to

17 T) Tl'i E-R-P. Recruitment Ltd., Clemence House, St. Werburgh Street,
JCjXVJl j Chester, CHI 2DY. Telephone Chester (0244) 317886.

s. / Specialists in Recruitment for U.K., Middle East & Europe. ,

ri$ H

Te* 0 *

Centctdlniidoii

£1L000£!2,500

An estabfehed Brifeh group with home and overseas interests seeks a young quafiSed

fl/wilinfont /nmCoM Khf a /mrli tn inin ifn amnD Annknl^Mim mvwmmuUU La.

group infomiatmn and iadwang on all financial aspects of its operarais.

This is an exceptional opportunity to gain varied experience in such fields as acquisition
appraisal, pcofitabifity studies, efficiency reviews, and special reports for board presentation
- all for specific purposes with a minimum of routine.

Excellent promotion opportunities wffl arise through work&ig closely with senior
managertientof an disciplines, both at holding company and subsidiary level
Contact David Tod, BSc.FCA on 01-405 3499 .

• cjuoSng reference DTJS47ISTE .

Recruitment Consultants

12b h!:gn HCJbcm London iVC !V 60 A

0T-4C5 3 495

BRIDGEWATER

GROUP

tTiTffir?

£16,000 — £13,000
NEGOTIABLE + GAR

WATFORD -

Bridgewater Windscreens, one of the
largest private windscreeh rtplacement
companies in the United Kingdom, is
rapidly expanding towards national coverage.
Its sister company, Bridgewater Glass, is
the local market leader in contract glazing
and the retail distribution of glass and
related products.

The successful candidate is likely to be
a graduate qualified accountant between
•35 and 40 years of age with several years’
experience ip a. senior position in a
fast-moving service industry. The position
also demands .a personality send presence
which will attract both the respect and
liking of colleagues and staff.

Please write to:

P- J> Bridgewater, Esq*

The Chairman,

BRIDGEWATER GROUP •

44-54 Vicarage Road,

Watford,

WD1 8EN. .

South Manchester

WeanstheU.K. subsidiary of a West German based international
chemical group and wish w appoint a new Chief Accountant basedacour
headquarters at ChcadJe Hulme.

The position carries responsibility for the finance and accounting
functions of the Company with die assistance of 4 Managers and their
staff, and offers opportunities for further careerdevektprocnr within the
group. :

Candidates, mole or female, should be Feliowsof the Institute of . ■

Chartered ‘Accountants, experienced in company financial and banking
techniques, who have held a similar position m a iatg# international
company working with in the dtsciplines of group reporting. In view of
the cooperation with the parent Company, fluency m the German; .

language i? essential. Probable age range 55-40. . .

Salary is riegoti^ile'and benefits indude acompany car, comributoiy
pension scheme; BUPA membeishipand the; working conditions
associated with ail international chemical company. *

Please forward c.v. ghing 'ceaqileteeducataDiuiL and career nsaai and
details of current earnh^gs to: '

The Pnsonnd Departmrart.- BASF United KJngdom United,

P.O. Box 4, Earl Ktnd, CbeadleHuhne»Cbeadle, Cheshire SK86QG.
TeL- 061-4856222. '

BASF

\WC !k

(TTST

£19,000 + car, etc. N Home Countie;

Our dient Is a major wd'l-knovra UK Company with a Bomber Of large ’
manufacturing . sites in this country.

. An ambitious and succesrful qualified accountant,' male or.female, is
sought at.Grpup HQ to control and co-ordinate its financial activiBes.

• Aged under 40, candiidates will haye experience of woridng for a laree
manufacturing company, and have some knowledge of Government -Accounting
procedures. .

Conditions and prospects are excellent • r '

- - - Those meeting these specific requirements should write to ML J. T*. p ing ,
quoting reference P1416, or ring Higson Ping Limited and ask for a personal
history form.

; Higsofl Pmg &ri JExmtJ iv c Rtcniitinctot Conmltant^ .

110JmnynStrttet,ItondpaSMY^®

; Telephone: 01-930 4196 (24 hour answering service).

$Ch v

* Ua- ' ■ ■■• ■"

>g

twsck

Ua '^5C0r

S!t®iyi
wee n*

Financlal Times Thursday May 6 1982

eras

Corporate Finance

PORT OF TYNE
AUTHORITY

APPOINTMENT OF DIRECTOR

OF FINANCE

The Port of Tyne Authority invite applications for
the post of Director of Finance which will become
vacant on the retirement of the present holder -of
the position.

Professionally qualified candidates, preferably in
the 35/45 age group, should have experience at-
senior level of financial control in a large organisa-
tion and if without a specific port background,
-should have experience at or immediately below
board level in the financial function of a commer-
cial or industrial organisation.

The duties of the Director of Finance include: the
operation of an effective system of control over the
Authority’s financial affairs; the provision of
financial management, information, budgetary’
control; cash flow projections; taxation and
superannuation scheme administration. He/she
is a member of the Authority's senior management
team and reports directly to the Managing
Director.

The salary for the position will be in the region
of £16,000 per annum with other benefits.

The person appointed will be required to become
a member and be subject to the provisions of the
Authority’s superannuation scheme and. provide
satisfactory medical evidence prior to entry.
Canvassing either directly or indirectly will result
in disqualification of application.

Applications should be received before 21st May,
19S2 and be accompanied by two recent
testimonials and addressed, in an envelope
marked “ confidential,” to: —

Financial Controller

London

Reading

cJ17,000 +car

Managing Director

PORT OF TYNE AUTHORITY
Rewick Street,

Newcastle upon Tyne NE1 5HS

Security Pacific Trust, a wholly owned subsidiary of Security Pacific
Corporation, is currently engaged in an active period of aggressive
growth and development. We are seeking a fully qualified Accountant
to take charge of our computerised accounting function.

Range of duties will include overall responsibility in the following areas:
. •Preparation of monthly accounts
•Profit forecasting

• Liabilities management
•Tax planning

• Preparation of statutory accounts

The ideal candidate win be forward thinking and will have experience of
Finance House operations or experience in a similar environment.
He/she must be able to contribute fully to the management team
gmri be capable' of motivating »nd managmgpersonnel in the
accounts division.

A substantial salary, together with subsidised mortgage, a Raver car
and all other benefits associated with a position of this importance in
an Interna tional financial service industry will be offered to the
successful applicant.

~ Please reply in strictest confidence giving full details of your
experience and qualifications to the address below.

Mn Philip E. Hold, President and Managing Director;

Security Pacific Thist Limited,

Security Pacific House, 308314 Kings Road, Reading, Berks. RG14FA.

c £16,000

For a large and successful international group, involved in
construction and the manufacture of a wide range oi industrial products,
and one of the country’s leading exporters.

You will join a small multi-discipline team at corporate headquarters,
which reports to the Group Finance Director, and is concerned with all
aspects of corporate finance, including investment appraisal and the review
and implementation of acquisitions and divestments- You will work closely
with the senior management of the group’s operating subsidiaries in the
UK and overseas.

You should be a qualified accountant or business graduate with a
strong track record in one of die major accounting firms or an international
group. Prospects for career and salary progression are excellent.

Write in confidence to John Cameron, quoting ref. CQ50, at
10 5olt Court, London EC4 (telephone 01-583 3911).

Chetwynd

Streets

Management Selection Limited

r ©

Security Pacific

Management

Accountant

Surrey/Sussex border £10,500

Our client is one of the market leaders in providing a
complete systems approach to the communications and
graphic am industry. You will be responsible for controlling
the accounts systems, accurate and prompt reporting of
management information and have the ability to motivate a
small accounts department. Experience in . a marketing and
production environment would be an advantage. The usual
large company benefits apply.

Write with full e.v. quoting rat. C41/FT to JWT Recruitment
40 Berkeley Square, London W1X BAD

FULLY QUALIFIED

ACCOUNTANT

required by company established
for more than 100 years success-
fully exporting millions of
pounds of equipment through
its offices in many parts of
Latin America and Western
Europe, to take over the running
of the bookkeeping within the
UK. The bookkeeping in the
foreign branches Is handled on
a day - to - day basis in the
countries concerned. Basic
starting salary; £10,000 per
annum. The company supplies
other emoluments such as
luncheon vouchers at 75p per
day, bonuses and season ticket
loan, etc

PROJECT MANAGER FINANCE

£13,500 + CAR

A qualified accountant is required to assist in the development and
financial control oF special parjeets and acquisition for a West Mid-
lands based group of companies.

The person concerned must have at least 3 years’ post qualification
experience with a medium-large firm of accountants. Exposure to
and an understanding oF the detailed reporting requirements and
financial controls of large industrial concerns, together with
knowldege of the operation and development of computer based
financial and business systems, will be an advantage.

Chartered Accounts nt-
European role

5-figure salary Based Reading

to join the Overseas Division of MetaJ Box. Europe's largest packaging
manufacturer producing a wide range of metal, plastic, paper and board
containers.

Reply with. e.v. to:

Box A7BS3. Financial Timas
10 Cannon Street. London EC4P 4BY

Apply with lull details to:

L, |. Jebson, Esq,

Finance Director
CENTREWAY INDUSTRIES
1 Waterloo Street, Birmingham B2 SPG

0

As a member of the Divisional Finance Director’s staff, prime responsibility will
be for accountancy and financial services relating to the Division's
investments within Western Europe.

Major duties wiif cover assessing and reporting on each country's monthly,
semi-annual and annual accounts, forecasts and plans, capital expenditure;
preparing consolidated accounts; ensuring financial controls and standards
are maintained; and carrying out ad hoc studies for new prospects/acquisl-
tions. European travel will be involved.

Candidates should be chartered accountants with at least 3-5 years' industrial
experience, ideally gained within an international organisation. A good working
knowledge of French and Spanish or Italian is essential. Knowledge of
European accounting systems, corporate tax and exchange controls would be
an advantage. Career prospects are excellent and group-wide.

Metal Box

Please write with detailed e.v., or telephone for an application form, to:

R. B. L. Tasker, Overseas Division Staff Officer, Metal Box pic,
Queens House, Forbury Road, Reading RG1 3JH. Tel: Reading
(0734) 581177.

International Appointments

' ‘ - ^

Wc etc a dynamic, successful new business
ready to establish a European distributor network
to aggressively market computer peripherals and
mi crocomputers whose capabilities are unex-
celled in the marketplace. To accomplish this, we

are seeking an expert marketer with sharp manage--

meat skills in computer and related products to
setup a European network in all major markets.

The iadbrfdul will organize a team of five to
sCTep pro fe ssionals with a variety of expertise fn

eals, and business applications. Key to qualifying
forth!* position is 10 years hands-on experience in
mayor European markets in compute peripher-
als through distributor and dealer networks.

INTERNATIONAL
VICE PRESIDENT
OF MARKETING

The faufividtrel we seek must have built a

another European language
The headquarters office for this incBvfdual is a
European city yet tc> be determined AtaBor-made
compensation plan will be devdopedfor the right
indnriduaL Riling this position is immediate and
imperative. Therefore, our response to qualified

indtoidiials will be short teHaSeodYOOTiesumein.
confidence to: Bo* A7850. Financial Times.
10 Cannon Street, London EC4F 4BY.

Eraial OppaaxBlf'hafinfeWf

ACCOUNTANTS

An international company requires qualified
Accountants for the following vacancies: —

a) based in Jeddah, a background in retail
trading is required. Salary up to £17,500 tax
free + benefits.

b) Monte Carlo based, shipping experience
desirable. Salary c. £13,500 tax free +
benefits.

Please send c.v. to

IMS Ltd.

121 High Street, Oxford 0X1 4DD

International

Banking

The International Division of this specialist Bank Recruitment Consultancy
carries a wide ranging portfolio of assignments including the following:—

FRANKFURT

AUDIT (newly qualified AC A}. DM 50,000 min. I COUNTRY MANAGER .

FINANCIAL CONTROLLER DM 90,000

FX DEALER DM 60-100,000 neg.

FX ADVISER DM 60-80,000 neg.

LEASING EXECUTIVE ... DM 80-90,000 neg.

SENIOR MARKETING OFFICER DM 70-90,000 neg.

EXPORT FINANCE EXECUTIVE DM 80-100,000 neg.

CORPORATE FINANCE EXECUTIVE . DM 50.80,000 neg.
DEPUTY HEAD OF CREDIT DM 65-67,000 neg.

EMPLOYMENT CONDITIONS
ABROAD LIMITED

An International Association oi
Employers providing confidential
information to its member organisa-
tions, not individuals, relating to
employment of expatriates and
nationals worldwide.

01*437 7604

INTERNATIONAL

APPOINTMENTS

IA/wam If you are interested in these or other opportunities please write in confidence

IQ II lai I WW It? II enclosing a detailed curriculum vitae to Roy Webb. , Jonathan Wren & Co.. Limited

Banking Appointments London ecZM4LK Td: °’- 623 ,26a

APPEAR EVERY THURSDAY
Rate £29.00

per tingle column centimetre

MERCK & Co. tnt, a leading U.S.

pharmaceutical company is recruiting an

Finance

Director

International
Internal
Auditor „

The General BectricCompany<rfSinga|toi^

mecha^raland rtectronte products and is also fri specialised
electrical contracting. ...

^ te ai advantage, but b
not essential. _ . .

.d/PW J/SD The General Electric Company pte»

. -j Stanhope Gste,Loncfon W1 A 1EH.

to he based In Brussels.

The successful candidate will join a team
whose fusion is to perform financial arid
operational reviews to assure corporate
management that subsidiaries are
operating with adequate internal controls
and in accordance with corporate policies.

Approximately 50 % of time is spent away
from base, primarily in capita! cities of
Europe.

Candidates should have a University
degree, three years' experience in auditing
or accountancy and a recognized
accounting qualification. It is preferred that
they be fluent in at least one other
European language besides English. We
are seeking highly motivated people who
exhibit management potential. The position
offers an attractive salary and fringe
benefits, and a real opportunity to assume
a financial position in one of the company's
worldwide locations.

MERCK

SHARP*

DOHME

Please reply in confidence with detailed
curriculum vitae and professional
background to F. Vandewalle, Personnel
Department, MERCK SHARP & DOHME,
chaussee de Waterloo 1 135,

1180 Brussels. (Preliminary interviews wfll
be conducted in London). *

FIX DEALERS

Frankfurt Rotterdam

Major International Rank

Our Client is a prominent international bank with significant
operations in all the major financial centres throughout the world.

Current plans call for the further development of its dealing teams-in
Frankfurt by the recruitment of a No. 2 exchange trader, preferably late
20's, and in Rotterdam by attracting a younger dealer probably with
2 years experience in a major international bank.

Both positions offer" significant opportunities for personal
development with a highly professional organisation, and the salary
and benefits for each will amply reflect the calibre and performance
required by the bank.

Contact Norman Philpot in confidence
on 01-248 3812

NPA International Recruitment

’60ChiMj>si ile -London EC2 Irfr-phon^ 01 24R3K12fT4/.‘i

Financial.Tiffi.ea, Thursday,

1 j, ll *

0 *P

rv*

JOBS COLUMN

Sign of turn in higher-

INTERNATIONAL

■ tax

BY MICHAEL DIXON

YES it really is true.

I could hardly believe it
myself at first, because ever
since I began tracking un-
employment among British
managers and specialists two
years ago, each successive
check has shown a further
increase. But the April iigiires
just received from the Govern-
ment-sponsored Professional
and Executive Recruitment
agency reveal that the number
of ex-perienced, higher-grade
staff without jobs has fallen
by 1 per cent since my last
count in February.

The totals are given in the
bottom line of the accompany-
ing table. It also provides a
warning against reading too
much into . the favourable
recent turn of events, by show-
ing that the total last month
was nevertheless nearly 26 per
cent higher than it was in April
1981. But even that is rela-
tively mild by comparison with
the 117 per cent increase
between the Aprils of 1980 and
last year.

Despite the overall drop, un-
employment has continued to
rise in half of the particular
categories of job covered by
the table. These are confined
to the categories in which at
least 1.000 experienced staff
are registered as jobless.

When this column’s last check
was printed on February 25,

Teadien
D rough tspeopfe
Personnel staff
O&M staff and statisticians
Engineers and technologists
Chemists, physicists ^

Technical and scientific support staff
Estate agents, etc
Social and health staff
Accountants

Production managers
General managers

Administration and other non-production
managers

Town planners and architects
Purchasing staff
Sales and marketing staff
Data- processing staff
Estimators, etc.

Library, art gallery staff, etc
Aircraft and ships’ offfceis

All higher-grade unemployed

Number registered
unemployed

Change

Number on
register

Change

April

February

%

April 1981

%

20.989

22339

- 641

15430

+3541

3,630

34157

- 5.9

3,329

+ 94)

2.431

2,522

- 3.6

2,029

+19.8

1,872

1.939

- IS

1302

+ T6.9.

9,127

9^24

- 11

7^35

+24.4

2,087

2.127

“ 1.9

1^77

+32-? .

8,384

8^26

- 1.7

6.605

1 +26.9

L549

LS92

- 1.7

1,381

+35S

5,802

5^68

- 1.1

4<m

+44.8

4.467

4,477

- 0-2

3$\9

+26.9

6,545

6.542

■ —

5,643

+16.0

2£64

2,861

+ 0.1

2,610

+ 9.7

26^22

26,737

14)23

+ 0.3

21,573

+243

14>28

+ 05

759

+35,4

2^88

2jZ2

... + 0-6

2^209

+17J

17,500

17^84

+ 0.7

15,042

+163

3^38

3.5S3

+ IS

2,552

+42-6

1,758

1J10

+ 2-8

1345

+30J

6.453

6^32

+ 3S

4,9^5

+293

.1,490

1,206

+233

885

+68.4

136,017

137,444

-1.0

10^256 '

+253

Initial tasks will indude recruit-
ing support staff, deciding what
levels of stock the European
operation needs to maintain and
so on.

Candidates need to .be abreast
of latest developments in com-
puter technology, and to have
shown over at least three years
ability to. manage a buyer-'
services operation, preferably in
CAD/CAM and including speci-
alists both in hardware and in
software. Experience in dealing
with other European countries
is also wanted.

The salary indicator is
£18,000. Other benefits nego-
tiable-

inquiries to Mr McLaughlin
at 55a Northbrook Street, New-
bury, Berkshire RG13 IAN.
Telephone 0635 48709.

£18-000-£25.000, but -I gather
that the recruit would be
expected to earn bonuses bring-
ing the total up to about £40,000.
The base is London.

Knowing of - the brilliance
and versatility of Jobs Column
readers, I feel sure that one or
more of you would be able to
lighten Mr Be Sion’s life by
contacting him at 20 Kensing-
ton Church St, . London W8
4EP: tel: 01-338 1804, telex
24304.

Our dient, a U.S. owned group with waddr
wide turnover in excess of $1 billion, offers this
London-based career positkjnasa
their European Management Team.

This is a vital role demanding qualities of
strength and creativity, with emphasis on .
inter-personal skills to ensure maximum co-

internal and external contacts. ‘

It is essential that applicants show broad-based
experience in internati onal taxation, .

The age indicator is 30*40 and a professional
qualification is desirable,: but not essential for

Euro mergers l-Gandkiates^^

Rare seller

there were 21 job categories in
the table. Now there are only
20. That is because the number
of unemployed biologists fell
by 2.4 per cent to only 993.
Among the other categories
with between 500 and 1,000 out
of work, surveying showed a
fall of 0.9 per cent to 759 and
company secretaries one of 0.8
per cent to 529. But other
legal services staff just missed
qualifying for inclusion in the
table by registering a 2.5 per
cent rise to 997.

After sales

RECRUITER John McLaughlin
of Larkfield Personnel Selection
seeks a client services manager
to cover Europe for a United
States group with a 5450m
turnover in hardware and soft-
ware for computer-aided design
and manufacturing (alias CAD/
CAM). He may not name the
company and so, like the other
consultants to be mentioned
later, will abide by any appli-

cant's request not to be identi-
fied to -the employer without
further notice.

Expansion in Europe figures
greatly in the . UB. group's
plan to increase its turnover
ha computer technology to $lbn
by 1985. And the new manager,
who will be based in “southern
England” and report to the
director of client, services in
the States, will be responsible
for setting up and running a
comprehensive after-sales ser-
vice on this srde of the Atlantic.

FOR MONTHS, apparently, con-
sultant James He Siuri of IFP
Marketforce, has been' trying to
find someone capable of earn-
ing within a year the sales
and marketing directorship of
a ' British group’s subsidiary
specialising in computer systems
for banks: But nobody he has
yet seen matches the company's
requirement for -a combination
of high-level contacts in. banks,
in the City and overseas, know-
ledge of their needs of com-
munication systems, plus suc-
cess in sales and marketing in
the computer field.

The salary indicator is

KEN ANDERSON seeks a
senior consultant to advise
clients of the London, branch
of a New York bank, mainly on
tnersers and acotniititms in
EnroDean countries, but also on
international treasury manage-
meat and private financings.
Talent for public sneaking in
at least French as well as
Enslish is wanted, as well as
thorough experience of hand-
ling mergers and acquhtitjons
throughout Europe for an
international or merchant bank.

The newcomer will spend s»v
months in New York and will
thereafter travel regularly to
the Continent from the City
base.

Salary at least £20,000, usual
banking perks. ...

Irani ries to Anderson.
Sanires. Regina House, 1-5
Queen St, London EC4N IFP;
teL 01-248 7421.

Financial controller

West Yorkshire, £14,000+ car

For the major division of a privately-owned group in the leisure industry.

As a key member of the divisional executive team, your Immediate tasks
would be to develop approved management information and financial control
systems to advise and assist operations management in a rapidly changing
commercial environment

Career, opportunities exist in general management as well as in the finance
function.

Qualified and preferably with a degree, you should be in your earty 30 s and
able to demonstrate a successful management accounting career either in a
fast-moving service industry or in the retail sector.

Resumes including a daytime telephone number to V LLuck, Bcecutive
Selection Division, quoting Ref. L206.

Coopers

&Lybrand

Coopers & Lybrand Associates Limited
management consultants

associates

ScotGsh Mutual House
Park Row LeedsLSISJG

INTERNATIONAL SECURITIES

DATA MANAGER

COMPUTER SERVICES

EDINBURGH

Wood, Mackenzie & Co. are members of
the Stock Exchange with offices in Edinbuigjb,
London and New York. The Computer
Services Division, based in the Edinbuigh
office, provides Investment Accounting,
Valuation and Performance Measurement
services to institutional clients.

will include country information such as
currencies, indices and type of market
through to data specifications for individual
stocks.

In the production of these services,
extensive use is made of UJCand overseas
market data, much of which is obtained in
machine-readable fonn from data veodoix.
Tlie accuracy and timeliness of tills data is a
vital component of the firm's services, and .
the demands are continually changing in line
with market developments.

Applicants should possess a wide
knowledge of world markets widi particular
reference to the mechanics of markets and
associated administrative procedures. This

This is a new appointment at management
level, and it is unlikely that die successful
applicant would have less than 5 years'
experience in a similar environment.

In addition to a competitive market salary,
the linn operates a contributor pension,
scheme and progressive profit-related bonus
scheme. For further details of the position,
please contact:

Brian Dawson,

Data Services Department,

"Wood, Mackenzie & Co.,

Erskine House, 68-73 Queen Street,
EDINBURGH EH2 4NS.

Tel: 031-225 8525.

Human Resources Consultants

Up to £18,000

P

rice Waterhouse Associates wish to recruit ambitious Human Resources
Consultants for the London office of their international management
consulting practice in the following two areas:

Executive Selection

Experienced professionals to assist clients in identifying, evaluating and selecting '
candidates for managerial and executive positions especially in the fields of general
management, finance, accounting and data processing.

Evidence of substantial experience as a Consultant or as a Personnel Manager
responsible for recruiting for senior positions is essential.

Personnel andTraining Systems

Field Consultants to review the effectiveness of personnel and training systems and
procedures in such areas as manpower planning, appraisal and cou n selling systems
and management training and development

Mobility is essential and an added advantage would be a consultancy background
and/or experience in the banking, finance or energy sector;

It is likely that only candidates aged between 32 and 45 will have the blend ofexperience
and potential we are seeking. Opportunities for advancement are excellent, with
continuous training provided to assist in personal development.

Candidates, male or female, should write for *

a personal histoiy form to Michael R. Andrews, __

Southwark Ibwers. 32 London Bridge Street, liiCC _ .

London SEl 9SY, quoting reference MCS/7067 "\ /otprhm 1 CP

for Executive Selection and MCS/7068for V\/ tf

Personnel and Training Systems. f T Associates

nee _

yaterhouse

r Associates

W(X)^MACKENZIE&€Q

MEMBERS OF THE STOCK EXCHANGE

International

Ba nking

City of London

General Manager

Hotel and Hostel Group: London and Country

We are a thriving group of hotels and hostels with profit centres in the
country as well as in the heart of London and Birmingham. .

This is a challenging position for someone with wide business experience.
Financial expertise essential. The job demands an outgoing personality
and we expect to find the right combination of energy and experience in

someone aged about 45.

The salary and benefits package will not disappoint an already successful
manager.

Please write in the strictest confidence to:

The Chairman

Box ET/742, St James's House
4/7 Red Lion Court, Fleet Street, London EC4A 3EB
Open to male and female applicants

One of the most rapidly expanding and dynamic international banks in
London.is seeking to recruit two additional specialists within their general •
Banking Division.

Responsibility will be to the North European Desk Head for maintaining
and developing existing corporate clients whilst at the same time marketing
the Bank's services to future clients.

Based at their City Head Office the appointees will be required to travel
approximately20% of their time withmNorthem Europe.

Assistant Manager

Salary Range £16,000-£18,000+Car

This position calls for a graduate, ideally with an MBA, aged between 30/40,
fliientin German withstrong experience of corporate banking gained within
the North European Desk of a major U.S . or European bank.

Areasof responsibility will be forcorporate clients in Germany, Austria and '
Switzerland. ■ Rcfc60S9

Banking Officer

Salary Range £13,000-£15,000

Aged mid to late 20's, this positioncal Is also for a graduate , preferably MBA
with sound experience of general banking, good knowledge of credit and
exposure to running corporate accounts inEurope.

Areas of responsibility will be for the Netherlands and part of the U.K-

• Ref: 6090

For both positions, our Client seeks applicants with a high degree' of
motivation, imagination and initiative, coupled with a flair for marketing the
Bank’s services.

Excellent benefit packages are offered which include generous mortgage '
facilities, low cost personal loans, non-contribirtory pension scheme. Private
Health Scheme and Free Lunches.

To apply please write enclosing full C.V. to M, J. R. Chapman quoting
relevant reference.'

IJk^Chaptrtan

Associates

lb,TWBondSti^LondonWflim 0M08K70

K

personality. ; : " .

Our client ofiers a salary of cOQflOO with an.

annual bonus andthe provision of an executive
car after a six-month period :

Interested applicants should submit fhll career
■ details quoting ref 823. to Nigel Hopkins
EC. A. at 3iyootitliamptbri Row, London
WC1B 5HY TeiqpjKme0WflS 0442.

on

iM

Michael PagePartnership

: - RecmitmentGonsukanfs'; -

London Birmingham Manchester

Managing Director
Petroleum

Multi Billion Dollar US. energy company is going international.
Offices will be established in the US.. Europe, Bahrain and Far
East. The company, a major force in refining as well as explora-
tion and production, seeks a Managing Director -of the inter-
national offices to help support, our U.S. - based ^3004)00 BPD
refinery. The objective is. to buy, sell and trade 'crude oil and
refined product screams on the world market.

The .Managing Director muse have excellent knowledge of crude
or! and petroleum products as wed as contacts with the Inter-
national Banking -amLfjnanring community.

Opportunities also abound for aggressive, crude .ail -arid- refined
product traders.- Working out of London;' the successful
applicants will be travelling- to Bahrain-, and the Far East. _
Aggressive traders- can maif a resume or letter of interest in
confidence to: j. '■■■•■

Mr. Arthur E. Kalvert

GHR

ENERGY CORPORATION

98/99 Jermyn Street, London 5WI Y AGE

01-930 9521 / 5 ;

Go places with the company that's gomg places.

SALES DIRECTOR

i .. The Company which recognises iliac not all company cais
are box-shaped, is looking fora new Safa Director. The job
offers a unique opportunity for a pereon with flair, enthusiasm
and unlimited ambitio n; He/Shc wifi understand that a
company car cu st o m e r is looking for as much enjoyment and
motivation from his vdiide as a retail customer.

- YonTI be selling freedom to your cusramers; rtsey can get I
oh with marketing, phoning, manufacturing, whilst with your f
team's advice, the hassle disappears tram company car /

activities- What couM be easier to sen than dim proposition? I
You must have the ability to think on your feet, recognise /
Barker gaps, 5 bare manufacturer's benefits with the customer, ' f I
^knowledge ihat a used Porsche is an alternative to a new f I
teimkr, have no pwconceptknis,- bat have the ability to II

aahfy the custcaos^ requirements and then satisfy them f t

iih your experknee and skiCs. -"/I

you’ll inhedt dne of die best teams in the busincss widi an JM
najcnwd Saks Manager and JO Salts CoMuliama, hacked I 0
by Acoount Exe cu tivesreyonstte for ensuring the smooth B

cation 'one* ihe order is signed; Experience in the Motor j B
Je end knowledge of leasing would be helpful, but the . j B.
iry 10 produce satisfied customers h Lhe major ' - - JB
Btinent. . f B

he job offers an extremely attractive salary, company car IB
ther benefits, butabove all it offers the opportunity to IB
it happen as long as you have the skill. . fig

plications with full C-V.'s to Jean Denton, Managing J JS
nr. Heron Fleets. JB

P.S. Sales Consultants S

Thorr arr rwo members of (he sales team still In bo I 26

recruited. Ambitious round pegs in dull square holes with f B
proven track records looking for tbr earth, but accepting a five IB
figure salary should apply to Paul McKenna, Sales Manager JB
Heron fleas. IB

Heron Rem & Lesa»g

Heron Haase, Wembley Hill Road,

_ _ Heron House, Wembley Hui Road, f

HERON w “^ Middk ^ HA9suR ji

EDUCATION HEADQUARTERS

EDUCATION OFFICER

(FINANCE AND ADMINISTRATION)

Salary grade P02(Q, range currently E11JS » to £12.408 p.a. .

Thu 'successful candidate will'imivide a comprehensive
accountancy; budgstaiy control and financial advice 10 the Chief
education Omcor and the various Bra aches/ Section 5 within-
the Department '

Applicants should be qualified accountants with
Local Govern moat experience.

Application forma and further details for this newly created
sen«rr post era ovaffahie from the Chief. Education Officer,

Staff NT. County Han. Taurittn, TA1 4DY. .

Stamped addressed envelope" pjease." ■ •-

“"‘ay 1982 . ,0r ' h ° forma ie. -

Financial Times Thursday May 6 1982

JjU

Xi£

^*sof |

^■CO-
-Wv - *i*l» s

r^astm I

I

^an !

i

W-: 0 ^ I

Management

■■ ... Our client is the European subsidiary

of amajor international telecommunications
3nd electronics group. They have operating
• companies in the UK and eight other
European countries.

Reporting to the Di rector of European
Finance, the rote vnll indude developing and
Implementing financial control systems,
management and financial audit, profitability
analyses, contra# reviews, asset ma nag em en t
and country business studies. Extensive
Eu ropean travel wiO be involved.

Candidates should be aged in their
early 30’s, qualified accountants, familiar
with American accounting requirements
and highly numerate. Working experience In
Europe Is essential as is fluency in English and
at least one other European language. The
appointment is seen as a two year assignment
with excellent promotion prospects thereafter.

Based Home Counties, salary
depending on experience in the ranee
£17, 000-£20, 000.

Please reply in complete confidence
quoting reference 1308 to David Thompson
who is advising on this appointment.

Odgers

\Tc

m

ACCOUNTANT — OVERSEAS TRAVEL c. £12,500

Our client is seeking a qualified accountant with some commercial
experience to assume a responsible position in their operationalaudits
department It 1$ envisaged that upto 50% of the year may be spent on
trips assessing and auditing overseas operations. Important personal
attributes for this position are; the ability to communicate easily at aif
levels, supervisory skills to take charge of a department of four and
detailed report writing. Age 27-35

Please contact Paul Trumble

FOREIGN EXCHANGE DEALER/S

Our client, a major name in International Merchant Banking, plans to
expand its dealing operation. They need the services of experienced
foreign exchange/deposit dealer (s) to carry out this policy decision.
Applicants for consideration will show a sound knowledge of dealing
with a bank covering a wide spread of currencies ; the possibility to spec-
ialise is available. Salaries, of course, are negotiable and depend on age
and experience.

Please contact Richard Meredith

CREDIT ANALYSTS

We continue to receive considerable demand for well trained and ex-
perienced Credit Analysts.

These positions cover a wide range of banks and vary in seniority and
opportunity for advancement

Ideal candidates will have the benefit of a US credit course and be fluent
in a European language.

Please contact Paul Trumble

Jonathan

BANK RECRUITMENT CONSULTANTS

wren 170 Bishopsgate ■ London EC2M 4LX - 01 623 1266

' RchettFleming

19

for Qty merchantbank

Robert Flemings commercial banking activities arc expanding and
as a result an additional executive is required to join the close-knit team
in the banking department

There will be involvement in developing and implementing new
client business both foreign and domestic as well as maintaining business
contacts with the banks existing clients. Candidates should be graduates
in their20s and are likely to have an accountancy or legal qu alificati on.
Practical experience in the commerced lending department ofa
merchant or consortium bank, preferably on the domestic side, would be
a distinct advantage. Personal qualities and the ability to work with,
colleagues and clients up to senior levels a re essential.

A competitive salary wifoworthwhilebenefits wiUbe offered.

The bank also gives a mortgage facility.

Please write in confidence with curriailum vitaeto:

Tom Phillips, Robert Fleming & Co. Limited,

8 Crosby Square, London EC3A 6 AM Teh 01-6385858.

AOEMEXT COX S O I TAXTS
iffld CoLsl. One OldSond Si,
London vnxjja ■ ■
Ol-O'JSHll ■

CAREER OPPORTUNITY
IN

UNDERWRITING

Increasing business . has created > an ouricandin{> career
opportunity in the Financial Services Division of the-
American International Group in their London (City)
office. The Division specialises .in underwriting political
risk and other financially orientated insurance covers,
and will be .launching an export credit insurance pro-
gramme later on In the year.

Candidates will be in their early to mid twenties, possess
2 knowledge and an understanding of Balance Sheets
and Accounts and have a university degree or similar
qualification, insurance experience is desirable but not
essential. Ability to work under pressure and on own
initiative is necessary.

Salary is not a limiting factor being dependent upon age.
experience and potential.

Please write in confidence giving full details of education,
experience, and salary progression to:

Mrs D McIntosh
Personnel Department

American International Underwriters (UK) Ltd.

2/S Altyre Road
Croydon CR9 2LG

InTaxation, Accountancy, Law?

Good communicator seeking challenging career?

BANKING

ABOUT OS

Not only does The Equitable enjeyfoe
distinction of being the oldest mutual life
assurance society In the world, it is recognised
as one of the fastest growing. Having quadrupled
its new annual premium income in five years to
£35M in 1981, it rates ki that respect amongst
the top ten in the UK.

It pays no commission to brokers and
other intermediaries - one of the reasons
why you see its policies rating so highly in the
independent surveys.

The Society is geared for considerable
expansion throughout the 1930’s.

THE CAREER OPPORTONTTY

, At each of our 21 brandies throughout
foe country we have a team of representatives
analysing clients' problems and designing
solutions.

Because they are dealing with top people _
In the professions and commerce and industry
they need to be able to offer an in-depth
financial planning service to those clients with
particularly complex financial situations.

That service, which deals with aspects of
personal and company taxation, investment;
pensions, life assurance etc, is providedby _
experts from Financial Planning Units who are
called in by the branches to handle the case -
often in conjunction with the client's own
professional advisers.

The call upon those Units is now so heavy

that we require the services of additional
Financial Planners - particularly in the
London area.

REMUNERATION
- A significant basic salary is paid and a
special allowance given whilst becoming
established.

In addition there is a performance related
bonus system which will make a regular
£20,000 + ayear possible within a reasonably
short time.

A car is provided together wkh free pension
and life assurance, and eligibility fora low cost
house purchase scheme.

WHO SHOULD APPLY

Numerate, commercially* orientded people
who have a fairly high level of legal, financial or
taxation knowledge and, wtally important; can
demonstrate from their past experience that they
have the style and necessaiy negotiatingskills
to deal with people in top positions.

The appointments to this exdting career
twD be made in September 1982 and those
appointed will then undergo comprehensive
training.

If you wish to be considered wrfte a letter
(In confidence) telling us about yourself and
your career pattern to date. Address it to:

Myles MacCormack, The Equitable life
Assurance Society 4 Coleman Street,

London EC2R SAP

SYNDICATIONS

A U.K. based bank with an excellent reputation, both as an
employer and a bank, seeks to compltoient its existing
syndications team. Recognised as specialists in this field
orpossibly a corporate lawyarwi th ale axling City practice,
you will preferably be aged up to late 30’s and be able to
display a first class career gained with prime names.

CAREER BANKERS

A leading bank based in Bahrain offers the chance of
excellent career prospects to dedicated bankers experi-
enced to credit analysis or economics. With at least 2
years experience in either of these areas, you should be
ambitious and seeking a progressive career in interna-
tional banking. Working conditions, salary and benefits
are excellent

CABLE DEALER

Active London bank seeks to compliment Its existing team
with an experienced dealer. Emphasis will primarily be
spot and forward cable, and candidates must be experi-
enced in homing a position. Salary negotiable.

APPLICATIONS WILL BE TREATED IN THESTROHST CONFIDENCE

The Equitable Life

The oldest mutual Efe office in the worid
4 Coleman Street, London EC2R 5AP

llf

LEE HOUSE, LONDON WALLEC2. 01-606 6771

David Grove Associates

Bonk Executive Recruitment
60 Cheaps We London EC2V 6AX
Telephone 01-236 0640

LENDING OPPORTUNITIES

We are currently handling a number of outstanding lending opportunities
with Merchant and International Banks. These include the following at
junior/middle management level.

1. Graduate Accountant or Lawyer with minimum of 2 years' lending

experience preferably in a Merchant Bank environment to join small
team' in developing the commercial lending portfolio. (Preferred
age Max. 30) c £12,000

2. Business Developer, probably a graduate, with AIB and excellent

background in credit analysis and loan administration to take on some
management responsibilities in established Merchant Bank. Preferred
age c 30. c £12,000 neg.

IN RESPECT OF THE ABOVE VACANCIES PLEASE CONTACT

DAVID GROVE ON 248 1858.

HsvJVi&w;

Senior

Financial Management

Midlands
£20,000 plus

This appointment is to manage the financial function of the principal division
ofa substantial British group. The division has a £100m. turnover and an
enviable profit record; man ufacturing operations are multi-site. ,

As Chief Accountant, responsibility will be to the Group Finance Director for
financial a nd management accounting with a staff of 45 . Early emphases will be
on the development of tighter cost controls, and on systems modernisation
associated with the introduction of new data processing equipment.

Candidates are likely to be chartered accountants aged 35 to 45 with relevant
industrial accounting experience at senior level, and wide exposure to the
maintenance and development of computer based accounting systems.

Starting salary £20,000 plus bonus; car and executive benefits. Relocation
help. Please write-in confidence - with full career details.to E. I. Clark
ref. B. 75232.

TiU tippointm/ir is vptmomeu ami a am te.

United Kingdom Australasia Benelux
Canada France Germany Ireland
Italy Scandinavia South Africa
Switzerland U.S.A.

Management Selection Limited

International Management Consultants

Union Chambers 63 Temple Row Birmingham B2 5NS

Commerci al Manager

Reading

c.£15,000+car

OurcfientBasmall but expanding company engaged in leasing, lease management and hire
purchase. It has grown to the stage where foe Managing Director needs an able Deputy to
take responsiblfityfor all aspects of financial, new business and general office administration.
Applicants, male or female aged C30/45, must hava proven accounting and financial
management experience, prefe rably gained within a finance company orsimilarinsffiufion. In
addition togeneral administrative duties, spedfictaskswiD include the co-ordination of Board
reports, accounts, budgets and forecasts and implementation of computerised systems;
This is an obvious opportunity to make an identifiable confribufion to business development
Future prospects in this company; which is part of an estabfishecTfinandal group, are
excellent and so only applicants of potential will be considered.

Contact David TodBSc, FCA on 01-4053499
quoting reference DT1538ICMF

01-405 3499 :<

. County Bank Limited

As the merchant bank in a major international group, we provide an extensive range of banking, investment, and advisory services to a wide range of governmental and corporate
throughout the world. With assets in excess of £lbn, we are one of the largest merchant banks in London and it is our aim to expand further our activities in all the markets in which we
currently operate. This commitment to continued growth creates opportunities for experienced professionals and younger people with potential to join a young and progressive organisation
with, its eyes firmly on the future. Details of some of the opportunities are shown below:

International Lending

Cily

Manchester

24-30

execute who will assist with the dayto day
xesponsibfliiy for the bank’s lending aiKlaccepcaiicecrei
portfolio in a specified geographic area. As jne team is

.-fl.'V ■ .

i&A

-ji N

<:

Young Bankers 21-24

We havea limited number of opportunities for young,
ambitious bankers who can demonstrate intellect,
enthnsiasn and commitment and are prepared to work
lard in an organisation which rewards such qualities. In
return, we -will agree a programme of naming which will

Onr Manchester ofike is concerned with providing
financial, services, primarily lending, equity investment
and corporate advice, to a wide range of Aits •
throughout the North West. We are seeking to expand the
existing team with the appointment of two additional

counny and corporate risk analysis, aedit committee
presentations, loan ptfcfog and loan docu m e ntat ion.
Jhadditionto the job experience mentioned abavej

own interests.

It is fikdy that your first ap pcn n anentwillbemonr

Hnanrc Division where you will woikwithateam
qngngpH in makin g loans, ta king equity investments, and

language, and beat their batmastimtuatmg

advice to wide range of UK coiparaie diems.

Our entry requirements for these positions are education
upto at least C A’ level standard and, preferably, degree
level; qualified or near qualified AIB j 18 months'
Tnrnimmn hanking experience.

Finance Executive 25-30

The first position is for a ptofesskmally qualified perean
(ACAorAEB) who will contribute to the finance activities
of foe office. Whilst a banking background would be
.useful, mote important is an overall knowledge of finance
and its role in acorporare economy, together with the
ability to work in a highly professional and competitive
environment.

Executive Trainee 21-24

TheEecond position will appeal to a young banker who
has completed his/her AIB and is seeking a career in
merch ant bank ing. Initially, the role will involve essential
adnunistcative support - including balance anal yri^

loan documentation, and interest renewals - together with
providing assistance in monitoring the local loan and
equity portfolio, It is a pie-requisite that candidates are of
a calibre which will enable them to assn nw fin-fop:
responsibilities in due course.

foterviewswfll be condncted in Manchester for fowu*
positions.

An atliactive salary togefoervnm tire usual range or oanKiDg oenems wrn oe onerea tor au tne aoovc posmons wincn wu

Abdications, which shouldindude details of educationj-esperience and enrreni: remunerariaa should be forwauledto:-

IanCaritDn,PeistMmel Manager/

County Bank limited,

HOldEroad Street,

London EC 2 N 3 BB.

A National Westminster Bank Group

.County

. Bank_

20

Controller
Food Division

Co-operative Wholesale Society Limited

’ The most demanding job in the British
food industry falls vacant because of the
impending retirement of Maurice Bromiiow.

Responsibility is to the Chief Executive
of the CWS for a £1 .4 billion turnover
business in the procurement and manu-
facture of a wideTange of food products
and their marketing and distribution
primarily to the 170 UK Retail Co-operative
Societies.

The Division is a prime contributorto the
healthy growth of co-operative
trading. It employs some
11,000 people and has over
100 factories and warehouses
and a 1982. capita) budget in
excess of £20 million.

General management accountability
at or near the top of a very large food
manufacturing operation is desirable,
and a record of sustained achieve-
ment in business management and
corporate development is an essential
requirement The preferred age is early
to middle 4Q’s.

Salary will be in excess of £40,000.
Location Manchester,
interested candidates, male or female,
should please write in
confidence to:

D. A. Ravenscraft,

Bull, Holmes (Management)
Limited, 20 Albert Square,
Manchester M2 5PE.

PERSONNEL ADhTSERS

You will need It th« day
your job ls.ai risk.

Wa are the firm that .
provides the most,
experienced nationwide
executive job search,
career counselling and
video coaching services.
(75%« of our clients take
up higher salaried jobs.)
We also have the best
access ioiha
unpublished market

(over 50% go to.
unadvertised positrons}.

PHONE NOW
London 01-8392271
Birmingham 021-8325491
Bath - 0225-333841

Manchester 061-8351450

Percy COUTTS&co.itd

25 Whitehall,

London SW1 A 2BT.
Enquire also how these
redeployment services
can be Included in your
severance terms.

APPOINTMENTS

ADVERTISING
APPEARS EVERY
THURSDAY

Financial Times Thursday May § X9S2

RECRUITMENT CONSULTANTS

35 INJcw Broad Street. London EC2fVT
Tel: DT58B 35SS or OV5SS 3576
Telex 1X10.837374

omisi

An influential role with Ford of Europe

about £12,000 + car

Ford seek a professional economist with
broad experience to join our Economic
Studies Department located at our Central
Office in Brentwood, Essex. The successful
applicant will join a small but influential team
v/hose role is to analyse key economic,
vehicle market, and political trends affecting
Ford activities throughout Europe.'

It will be your responsibility to analyse
short and longer term economic
developments (especially those related to
energy), and to evaluate their impact on the
Company's business. It is a challenging role
requiring the ability to adapt to a last moving
highly competitive international business and
to operate efficiently under pressure.

Good communications with
both fellow economists and with
Ford management will be vital.

Our need is for a successful
man or woman, probably in

his or her late 20s, with a good economics
decree and at least three years' experience
in an Economics-related field, preferably
with an energy bias. This experience could
have been gained either in industry, in a
private or dovemment research function or
m a Higher Education establishment.
Knowledge of a second European language
would be an advantage.

Prospects for advancement are significant.
We offer an initial salary in the region of
£12,000 p.a. plus lease car facility and the
big Ford benefits package which includes
relocation assistance where appropnate.-
Piease write with sufficient details to make
an application form unnecessary, to Jim

Unsworth, Room 1/578B. Ford Motor
Company Limited, Eagle Way,
Warley, Brentwood, Essex.
Telephone: Brentwood (0277)
253000 ext. 2149.

A. very senior key position .■ sco pe to reach a -Director fovof appointment In' 24 year*

a) MANAGER AIRCRAFT

LONDON

£20,000 -£28,500

Applications are invited from candidates, aged 30-38. who have acquired a min.mum of 4- yeanT -practical experience of
arranging financing for high value capital goods, at least 2 years of which must, have involved entree re ?t »nsfoiHty for Che-.deal
structure. Experience in arranging export .finance with banks. E.C.G.D.. and other sources in the- United [Kingdom, or
overseas is essential. This experience may well have been gained with a U.5. financial institution or a multinational. Group.
Experience of aircraft financing Would be a particular advantage. The successful candidate Will; be. responsible, for establishing
financing programmes and financing structures far individual .contracts, working to- close .liaison with ch'ents' marketing
Staffs. The ability ‘ spot * point'. a faci, ' £ J f for good, drafting and excellent commercial judgement are important
requirements. Periodic overseas travel will be involved. Salary negotiable. .£20,000-08:500. f. car. contributory pension,
free life assurance, assistance with removal expenses if necessary. Applications in strict confidence under, reference. HAF4102/FT,
to the Managing Director: • : V.- c - ■ '

CAMPBELL-JOHNSTON ASSOCIATES (MANAGEMENT TCCRUrtMENT CONSULT AHTS) LIMITED, ,

35 NEW BROAD STREET, LONDON EQM 1NR TELj 01-588 3588 or Ol&n'-BflL TELEX: 8S73M;

A high level of autonomy will be vested in the appointee. Project* exist to become Financial controller of:a.nwJor

subsidiary in 2448’ months. - •

GROUP SYSTEMS MANAGEMENT

- AUDITOR

LONDON

£1 5,000 - £18,000 • CAB

GROUP OF INTERNATIONAL COMMODITY TRADERS

This vacancy calls for qualified Accountants A.C.A„ A.C.C.A.. orA.CM.A0. aged 30-35 -who have acquired at least.

4 years' experience with commodity brokers or conducting audits , for commodky broker*, or. ? sjmilv fie W.whriM m
professional accountancy practice, and not less than one year installing management accounting control systems.. The successful
candidate will report Vo the Group Financial Controller and take responsibility in the international -d !*»»". . *£ *

internal procedures are adhered to. and the' further development of internal control , systems. Up to ^ overseas
travel is necessary. Close liaison will be maintained with local audit fims. Tact, tenacity and commeraaJ ■“'""JJJJ
eSwtial qualities! Initial salary negotiable £!5.000-£18^00 + car. contributory pennon, free -life assurance free family
6.U.PA and assistance with removal expenses if necessary- Applications in strict confidence under reference GSM A043; FT,

to the Managing Director: - .

ACCOUNTANCY A LEGAL PROFESSIONS SELECTIONS LIMITED'.: . =

35 NEW BROAD STREET. LONDON EC2M INH. T&: 07-588 3588 or 01-588 357fc TELEX: 887*374. :

* Unless you are apply for one of the above positions, please do not write to usj

European
Audi

Based in London

Our Client is a prosperous and rapidly
expanding American multi-national.

Following: a recent merger, an out-
standing opportunity has arisen for an
experienced auditor to join an established
team of young professionals. Based in
London and reporting to the European
Audit Manager, he/she will participate in
a professional internal audit programme
covering the Company’s major Western
European, African and Asian locations.

It is envisaged that up to 40% of his/her
time will be spent abroad with most
weekends at home.

Current audit activity includes an
ongoing evaluation of internal controls,
financial systems, and operational
methods and practices, together with
special assignments and projects.

The successful candidate will probably
be a young Chartered Accountant with 1

Austin
Knighti
Advertising

or 2 years* post-qualification experience*
A strong personality and a keen business
sense is essential. Experience of working
in Europe and a working knowledge of a
second European language would be a
distinct advantage. A general knowledge
of financial operations and accounting
practices employed in Western European
countries would also be desirable.

The Company, highly rated as a
progressive employer, offers an attractive
salary, excellent benefits package and
generous Relocation assistance where
necessary. _ Prospects for future pro-
gression into line management are
excellent.

Please send full career details and
salary requirements to: Confidential
Reply Service, Ref: ACE 103, Austin
Knight Limited, 2 Church Road, Welwyn
Garden City AL8 6NP.

Applications are forwarded to the
client concerned, therefore companies
in which you are not in- ^ m m
terested should be listed in a I ALf|
covering letter to the Con- 1 I

fidenual Reply Supervisor. mmmJ

COMMODITIES

Ambitious tirokar/tradur haa 13
years: pood and varied experience,
with specialist expertise. Finding
his talem unstreiched. and thcierore
horizons limited in present position,
seeks an interesting challenge with
reputable international company.
Write Bo * .a7B45. Financial Timas
10 Cannon Street. EC<P 48 Y

East Anglia

Our clients are major pubKdy listed UK. and
international insurance brokers who have refocated
their main finandal junction to the country:

At their county head office, there is nowa requirement
for a Deputy to the Group Chief Accountant The rote
will be to deputise for the Chief Accountant and to
handle specific assignments in financial accounting

and control. This wiO involve close fiaison with line

managers both in situ and in London.

Candidates will be qualified accountants with 2-3

years' eeperienee since qualifying with one of the
leading London partnerships. This experience will

ideally have been gained in a mzq or city estabEshment

and shouklhave included workon financial accounting.
Remuneration! wiH be negotiated depending on i
experience, a car and additional large company ,
benefits will be provided. ,

Please repiyin. complete confidence to David pale,
wlxj is advising on feappour^ ■■

referance - 131Cb • ■

DC

David Grove Associates

BankPownndReauamerd
60 Oimpufe, London EC 2 V 6 AX.
Telephone: 01-248 185S. -

Current vacancies include :

BOND DEALERS — Excellent names
Straight, contracts, etc.

CHIEF DEALER— FJC.

Established market name.

SENIOR DEALERS— F.X.

AUDIT— SENIOR
Pref. part qualified.

AUDIT-SENIOR

Good operational experience.

AUDIT — Some experience

BOND SETTLEMENTS— SENIOR
Must have 5 years exp.

CREDIT ANALYSTS— 2/3 years' exp.
American trained pref.

Computing in Banks

COBOL Programers
With bank experience.

RPG 41 Programed— IBM 34 exp.
With bank experience.

Treasury Associate

Icieign Exchange

£ Very High

C £25,000

to £20.009
c. £12.500

C. £12*500

to £9,500

C £11,000

to £ 11,000

to £13.500

t £10,000

In respect of the above vacancies please contact
• David Grove on 01-248 1858

Art overseas promotion provides this - .
exciting opportunity to build on your
knowledge, skills and performance with
Occidental Financial Services Inc., a wholly
owned subsidiary of Occidental Petroleum
Corporation.

fn addition lo providing overall assistance •
to our Senior Treasury Associate, the
successful man or woman win be required to
take specific responsrbiffly for a number
of designated project areas.- '
Ideally aged under thirty, you
should be able to demonstrate

a successful track record in foreign .
exchange and money management gained
within a treasury orfmance operation. A
degree level ousM'icaboms essential 2 nd -
an MBA would be highly regarded, -
We are offering a highly competitive
salary plus the comprehensive benef its
package expected oi a m'aiqriniernalional
company. • • ‘

Please send full career details to Miss
Jane Cornelius. Employee Relations
Supervisor, Occidental international
Quint, 16 Palace Street, LoncMoT'....
SW1E5BQ.

Corporate Finance

A major International Financial Institution is looking fora Senior Financial Executive to take
multiple international board responsibilities for Merger and Acquisition and Investment
Management activities.

Candidates should be ilucnt in English, French, German and Italian andvtiU have bad long
... tcro experience at Scmor Management m both International Banking *nH faTnitinaKnngi
Industrial environments.

tf --,1

^ The r em u n e rati on package wffl of course be in. line with the requirements of the job.

Please write with brief but comprehensive c.v. including current salary listing any companies to
’ whom you do not' wish your application forwarded and quoting ref: FT/475 to Peter Phillips, *-
Riley Advertising (Sou them) Limited, Old Court House, Old CourtPlace,

K e nsing ton, London W8 4PD. qjr

A member ofiTieRaxSwivart Group J

LDfSHJRBIRMWGHAM BRISTOL EWN8URCH GLASGOW ^

UVStPOOLNABOffSTOIlIBWCASTlIIIOTIltlSIAMPSTH

- "■ ■ |,F ^

Executive Appointments 1

The .Npedalist fcru.-s f»-r ■cniiT emut i ■. cs :ec Li-.is n '

appoimmrms. Our sulvcs-.- related tee siru^iurc is unique.
Cum jl'i us for u uonlhkmial mxiins-

Connaught

7S Gfosvenar SlifaL LONPO N WI - 0 MSI SSW

APPOINTMENTS
ADVERTISING
Rate £29.00

per single column
centimetre

The F&C Group
Investment Management

The F&C Group of Investment Trust Companies is seeking
to employ a graduate, preferably with a professional
qualification as an Actuary or Accountant, to assist in their' ■ •
management department for institutional clients such as
pension funds and charities.

The post offers a challenging opportunity to the successful
candidate, who will probably be between 25 and 30 years
of age with at least three years' experience in investment

or closely related activities
and a proven ability to
express her/himself clearly ’ -
both orally andin writing. A
competitive salary package
will be offered which wiH
reflect both initial
qualifications and
subsequent progress.

Top Executives

Our clients End better opportunities. Are you interested?

If year titento «r« being -wasted, or your ambitions t h war te d, ws can help. Our highly skilled
carrar management counsellors have been engaged in » Top Management role. The? understand:

your problem*. After evaluating your true potential through discussion and analysis, they work with
yon through*!! atagw of the job gearehmxtfl y on find that better oppor tun ity that is jnst rightfor
yon. Moot of they* better opportunities are nsver advertised.

We have an acknowledged standing in the employment market and ah outstanding track record of
success. That's why wore confident that after a preliminary discussion you wiH appreciate why we
. are able tooffiar the special scat of help that you need. So why ao£ ring us today.

MINSTER EXECUTIVE LTD. 28 Bottom Street, London WIT 8BB. *Wt 01-4931309/1035

Please apply in confidence
giving full details to:

C.J.B.Faherty.

F&C Management Limited,
1 Laurence Pountney HQL .
London EC4R.GBA

BANKING OPPORTUNITIES

SYNDICATIONS OFFICER c. £15#QQ

a syndications soco •<>**. ofltd 1*1* 2D* sn6 mJHi time vests'
rdovint pjqwrionce. K reautrod bv an Intern ationit bsnlr. CaiUldatn
we. Moeaed iq be wi>ii. educated, good communKetors and akHe
to work under prescur*. Th* Job Involves to* reuareh and
preoaratlon of Snjncial packages, admininrattaa of loans, interface.
with market xHtti respect, to lead management POslUoni and placina
PO^rr.

QUALIFIED ACCOUNTANT c £12^00

Qualified accountant. 25(50. sought as no. 2 to chief accountant
in weH.fr nowii Interfiational bank. Pressurised Dosltlon reeutrlng
flcnblc actinide.

SENIOR LOANS DOC. SUPERVISOR LATE 30a

c £12,000

SuperviMr rwulred by jpresHgloBB U.K. marcfwit bank with strong
emphasis on dbevmehtaHwi. ■ •

DO YOU UNDERSTAND
MONEY?

. LJhambro lire assurance'
ARE LOOKING FOR *

SALES PEOPLE THAT DO

Our Bpecftliscii' " and comlnuatrt
training, t at; pled with hard work,
ana rpy and da ter mi nation wHf do
the rant.

In. T3S1 . more than 330 of our Joules
Assouatas earnad in bxccSS ol
- CTS.OOO- Many. . had no previous
experience.

Successful Bpolicnnts -are hueiy to
.'be bstwBsn S-55, live, within ao
'miles of Londort'afjd bighJy inde-
pendent fay nature.

PLEASE TELEPHONE 01-405 5381

ADMINISTRATION SUPERVISOR

C &m

Very eompetwtt admininnur reaulraa. Brobably • 30 Mt. by very
busy department In Iniernattanal. bank. Moat hire -preview bullring
experience in similar canaenv tewing UlBanr is ton of ptaff. itatienery-
tnd usual administration duties.

CREDIT ADMINISTRATOR c. £8300

Administrator *tlth experience of »e«Jrtnw w site. uwJU appnlHI
lomraiCw aracodurea and minute taKIna moulted jn assist senior
ci'edit onor. ' *

UC Banking Appointments Ltd

170 BISHOPSGATE, LOMDOM EC2M 4LX :

01-2839953

MANAGIKG BIREGTOR
.INSURANCE BROKERS

W«l{-*$»abli9b«l fnsyrancti- Brtpker-
008 operating in rimjor «ity requlros
B'luny experfamcod hA.Dv-to lurthflf
develop en already prolitebie wt"!
. pany. Bemuneretion by - way F
. .basic eartfy of - . .

. £12,0CK) p.a.

I otas Vtwictiva bonu*. on; profit
. scheme, ../uXtifY rooiar car. pension
. and -outer bone fits All appbMtldns
,-will.ba daekwilir ulmoftt.cprttidsi'ca

. .. -.Applies to Po» A TS52
.’.Financial. Times.

IB Cannon Sfrcw, UsruJnt: £C4P ear

2 1

a* ^ ~,r:

fv e*

■w

■*^ i -: U I

i. '.» iO

Fteanclal 'Hioes ’Kiursday May 6 1982

j) As-* | -£5^

TELEVISION

LONDON

6.40-7,55 juit Open University
(Ultra High " Frequency only)i
9.27-mft For Schools. Colleges.
1£S0 pm News. After Nooil LOO
Pebble Mill at One. 1.45 Chock-
A-Block- a.o&You and Me. 2.15-
3 jOO For Schools, Colleges. US
Play School ' 420 The Drak
Pack. 440 The Littlest - Hobo.
5.05 John . Craven's Newsmen d,
5.10 Blue Peter. \

5.40 News.

6JJ0 Regional News Magazines. *
623 Nationwide.

7.00 Tomorrow’s World.

725 Top of> the Pops with '
. .Simon Bates.

8JD0 It Ain't Half Hot Mum
starring* Windsor Davies.
820 Sorry 1 [comedy series

starring. Ronnie .Corbett}.

9.00 News. ' •

925 Bird of Prey, thriller for
- the electronic a g e ,

10.15 Question Time.

11-18 News Headlines.

1120 Fame: A reries of five
programmes with John
Pitman; 1: Trevor Lock.

1120 So You Want To Stop
Smoking-

Chris DunMey: Tonight’s Choice

BBC-2’s Travellers In Time Is the series which combines two
of the most valuable and attractive aspects of documentary film;
history and travel. Tonight's new. series opens with “ Everest—
First - Attempt." One of the climbers who stood beneath the
peak of the highest mountain in the world in 1922 wrote; 41 Mount
Everest is great and beautiful; marvelously built, majestic, ter-
rible, a mountain made for reverence/' The pioneers seen here
in a classic film of early mountaineering made by Captain Noel
were to get within 1,700 feet of the summit. They experimented
with the use of oxygen at altitude, bivouaced in a blizzard, and
suffered frostbite and windbura. Less heroically they discovered
that Tibetian tea made with rancid butter tasted worse than
castor oil, and that to a local headman a Horn burg hat was a
most valued possession. The series is introduced by Duncan
Carse, Antarctic explorer, but best known for his radio portrayals
of Dick Barton.

Mandy Rice-Da vies makes her much -heralded appearance in
BBC-1 ’s computer-crime thriller serial Bird Of Prey, which has
reached episode three.

BUSINESS LAW

6A&-7.55 am Open University.
11.00-1125 Play School.

1.00 pm Snooker and Racing.
5J0 Berlin Siedlungen.

1540 Buck Rodgers.

6.TO The Great Egg Race.

620 I’m Sorry Mate, Z Didn’t
See You. .

625 Snooker.

7.05 County HalL

All . ESA Regions as London
except at the following times:—

^ ANGUA

1-20 pnj Anglia Newt. 2.00 Not For
Woman Only. 4.20 Faigface. 4 AS The
Ad van tunc or Black Beauty. 5.16
Emmerdale Farm. 6.0) About Angiie.
6.20 Arana. 6.35 Cmsroadt. 7.QQ
Survival. 1030 Snotxer '62: Tolly's
Original Classic. 11 IS Buct.on '62:
Malcolm Alfsop prosorta live coverage
of the fcay results Ism the East ol
England county clactoni. 12.00 Tha
Jazz Senes. 12.30 cm Latum From
Rome.

BORDER

130 pm Border Neva. 4.20 Palmare,
town USA. fi.15 University Challenge.
6.00 Lookaround Thursday. 6.35 Cross-
roads. 7.00 Emm entile Farm. 1030
Pro-Calobrlty Spooks;; The State-
Expreas Classic. ; 11.15 Bizarre. 11.4S
Border News Sunmaiy.

CEhTRAL

1230 pm Tha ounq Doctors. 130
Central News. 4 M Sport Billy. 4.46
Jason of Star Cor mend. 6.15 Arthur C.
Clarke's Mynarioi World. 6.00 Cross-
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Em ms Trials Farm. .1030 Venture pre-
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News. 11.05 I cal Elections '82

(S) Stereophonic! broadcast (when
onVHF)

presented by Jon Lander and Res
Harcoim.

CHANNEL

13D pm Channel Lunchtime News.
Wba i'j On Where, end Wee tear. 3.46
Little House on the Praine. s » Cross-
roads. 6.00 Channel Report. 6,15 The
Incredible Hullr. 7.00 Benson. 1036
Channel Law News. 10.35 Mannitt.

11.30 In Concert 12.00 Superatir
Profile (Roger Moore). 1236 am News
and Weather in French.

_ GRAMPIAN

B.30 am First Tiling. 1.20 pm North
News presented by Barns Redlcrn.
5-15 Emmerdale Farm. 6.00 North
Tonight. 630 Police News. 635 Cross-
roads. 7.00 Private Benjamin. 1Q.4&
Cover To Cover. 11.15 Bizarre 11.45
Love American Style. 12.15 em North
Headlines.

GRANADA

1-20 pm Granada Reports. 1,30
Eychango Flags. 2.00 Crown Court.

2.30 Yesterday. 4.20 Hera's Boomer.
430 LtUe House on the Prairie. 6.00
This Is Your Right. 6.05 Crossroads.
630 Granada Reporu. 7.00 Emmerdale
Farm. 10.45 Clubland. 11.20 Granada
Reports. Local -Section Report followed
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HTV

130 pm HTV News. 3.45 The Making

720 News Summary.

725 Travellers la Time.

8.05 Snooker.

9.00 Cal! My Bluff.

920 Heart Transplant

10.10 The Old Grey Whistle
Test.

10.45 Newsnicht

11.10 Snooker.

11.45-1.30 am Newsnjght— Local
Election Special.

of e Crew, 4.15 Here's Boomer. 4.45
The Flying Kiwi. 5.05 Jabline. 5.16
Bsnson. 6.00 HTV News. 635 Cross-
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HTV News. 1030 Flowers. Oorts a thlon
1982. 11.00 Lou Grant. 12.00 Whet the
Papon Say.

HTV Cymru/Walse— As HTV West
except: 9.35-9.50 am Wales and tha
Soa. 11.22-1137 Yn Eli Cynafm. 12.00-
12.10 pm Mister Clsi. 4.15 Murphy's
Mob.. 4.45-5.15 SOr. 6.00 Y Dydd.
6.15-635 Report Woles. 10.30-11.00
Sports Argns.

SCOTTISH

130 pm Scottish News. 4.20 Janoloa.
4.60 Spoil Billy. 5.20 Crossroads. 0.00
Scotland Today followed by Bodvlmo.
6.30 Benson. 7.00 Emmorriale Farm.
10.45 The Regions Decide. 11.00 Mavbe
Tomorrow. 11.30 Laid Call. 1135 Tha
Regions Decide — port 2.

1.20 pm TSW News Headlines. 3.45
UttJe House on the Prairie. 5.15 Giib
H oneybun's Ma>iic Biithdays. 5.20
Crocsroada. 6.00 Today South-Wrct.
630 Scene South -West Special. 7.00
Benson. 10.47 TSW Lata Nows. 10.50
Dange UXB. 12.15 am Postscript. 1230
South-West Weathor.

RADIO

RAu

5.00 am As Radd
In A Boil (4)1 Ml
Dave Lee Travis. 2J
4.30 Peter Powell!
Producers. 8.00 d!
12.00 John Peel fS-

RAD|

5.00 am Rsy Mat
Wogan (S). 10.00 I
12.00 Gloria Hunni
Stewart (S) inch
Cheater st 2.45 an
Hamilton (S). 5 AS.
John Dunn (S).
with Wally Whyto
Dell with. Big Banc
Sports Desk. 10.0
linos. 1030 Star.:
Nick Jackson. . 11

O 1

2. 7.00 Three Men
Simon Bates. 1130
0 pm Stevs. Wright.

[ 7.00 The Record
yid Jensen. 10.00-

a (S). 7.30 Tarry,
arry Carpenter (S).
jrd (S). 230 Ed
ling Racing from
f 3.45. 430 David
News; Sport. 6.00
1.00 Country Club
(S>. 9.00 Aten
Sound (S). 935
The News Hudd-
>ound Extra .with .
DO Peter Clayton

with Round Midnight. 1.00 am Encore
(5). 2.00-5.00 You and the Night and
the Music fS).

RADIO 3

635 srn Weather. 7.00 News. 7.45
Morning Cancan (S). - 8.00 News. 8.05
Morning Concert (continued). 9.00.
News. 9.05 This Week’s Composer:
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Orchestra (S). 1.00 pm News. 1.05
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Eerty Works of Brinen (S). 3.00

Guenetisder by Schoenberg (French
Radio recording) fS). 4:55 Nawa. 5.00
Meinly For Pleasure fS). 7.00 Pauls
of ..Blood;/ Hu. .naver by.NguoL •.War
Thiong d dramefisetf' b'y IMfy "Benton.'

including 7.55-8.00 Interval music. 9.00
Music o( Eight Decades: concert in a
delerred relay from The Royal Festival
Hall. London, part 1: Lutoaliwskt,
Schoeberg (S). 9.SO Words (talk by
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Eight Dowries, part 2: Stravinsky (S).

11.00 News. 11.05-11.15 Schubert (5).

RADIO 4

6.00 am Nawa Briefing- 6.10 Farming
Today. 635 Shipping Forecast. 630
Today. 833 Yesterday In Parliament.
B.57 Weather; travel. 9.00 News. 9.05
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10.00 News. 10.02 As It ' Happens.
1030 Dally Service. 10.46 Morning
Story. *11 .00 Nowe. 11.03 A Tain ol
Two Survivors. 11.48 Enquire Within.

9.35 am Schools Programmes.
12.00 Gammon and Spinach,
12.10 pm Get Up and Go. 12.31)
The Sullivans. 1.00 News. 1.20
Thames News with Michael
Wilson- 1*30 Crown Court 2.00
After Noon Plus; Elaine Grand
presents the third edition of
Women Live. 2.-15 Crihb. 3.45
The CuL'koo Waltz. 4.15 Sylvester,
4.20 Little House on the Prairie.

545 News.

6.00 Thames News with
Andrew Gardner and Rita
Carter.

6.30 Thames Sport:

7.00 Never The Twain

7.30 Spooner's Patch.

8.00 Falcon Crest starring Jane
Wyman.

9.00 TV Eye . Special.

10.00 News.

10-45 Looks Familiar with Denis
Nbrdcni Beryl Reid, Jack
Douglas and Bill Maynard.

IMS Thames News Election
Special with Andrew
Gardner.

L15 am Close: Sit Up and
Listen with Humphrey
Lyttelton,

... T Indicates programme in
black and white

TVS

130 pm TVS News. 2.00 Not For
Woman Only. 615 Watch This Space.
530 Const To Coast. 6.00 Coast To
Coast (continued). 6.3S Crossroads.

7.00 Emmerdale Farm. 10.30 In tha
Mouth ol the Dragon. 11,00 Strumpet
City. . 12.00 Company.

TYNE TEES

9.25 am The Goad Word. 9.30 North-
East Nowg. 130 pm Nonh-Eaat Nows
end Lookaround. 4.20 Tho Lano Rangsr.
430 Voyage to the Bottom of tha Sea.

6.00 North-East Ncwc. 6.02 Crossroads.
6.25 Northern Lite. 7.00 Emmordale
Farm. 1030 North-Eoir Nows. 1032
Job Slot Extra. 11.10 Como In. 11.40
Bizarre. 12.10 am fn tha Picture.

ULSTER

130 pm Lunchtime. 4.13 Ulster News.
4.20 Palmarslown. 615 The Sound Or.
5.30 Good Evening Ulster. 6-00 Good
Evening Ulster. 6.2S Police Six. 6.35
Crossroads. 7.00 Emmerdale Form.
1039 Ulster Waather. 1030 Hill Street
Blues. 1130 News at Bedtime.

YORKSHIRE

1.20 pm Colander Nows. 430 Sport
Billy. 4.45 Little House an tho Preirio.
6.00 Calendar (Emley Moor and Belmont
editions). 6.3S CrasBtoads. 7.00
EmmerdBle Farm. 10.45 Hill Street
Blues. 11.40 Calendar Election Special.

12.00 News. 12.02 pm You and Youre.
12.27 Brain ol Britain 1982 (S). 1235
Woollier, travol. programme news. 130
The World at One. 1 AO Tho Archers.
1.55 Shipping Forecast. 230 Nawa.

2.02 Woman's Hour. 3.00 News. 3.02

Afternoon Theatre (S). 4.00 News.

4.02 Round Pegging. 4.10 Bookshelf.

4.40 Story Time. 5.00 PM: News
magazine. 5.50 Shipping Forecast. 535
Weathor. programme news. 6.00 News,
including Financial Report. 630 Any
Answers? 6.54 It’s e Bargain. 7.00
News- 7.05 The Archers. 7.20 Contort
Prelude (S). 7.30 Uaunzio Fellini:

Conductor and soloist in an ell-Moeart
programme (S). B.25 No Wheel Ever
Crossed the Alps. 835 Maurizio Pollini, .
pen 2: Mozart (S]. 9.40 Kaleidoscope.
939 Weather. 1030 The World Tonight.

11.00 A Book at Bodtime. 11.15 The
Financial World Tonight. 11.30 Today

-in Parliament. 12.00-1.30 am News and
Local Election Special.

Eurobond Sales

Salar r : £25,000 Age: 25-30

Our client i a small and highly successful Investment
Bank. Due t their rapid but carefully planned expansion,
they wish t appoint two Eurobond sales executives to
service die ts in -both' primary and secondary markets,
one bem-g esponstble for Europe, the ether for the
Middle Eas Together with a highly skilled trader and
an exceilen settlements service, they wiU have every
opportunity to develop an aggressive, well-financed sales
operation.

Candidates must be aged between 25 and 30, with
several ytaJs' e.vperience and a successful record in the
distributiia- of Eurobonds. A sense of long term commit-
ment is essential and the ambition to build up a team
from groind level within a progressive and dynamic
organise uiD. . -

I Please contact Philippa Bose

Philippa Rose & Partners Limited

18 Eldon Street
London EC2N7LA

Telephone:

01-5885196

BANKER

MONEY MARKETS
TRADER

A leading international money markets group
requires an ixperienced U.S. money markets
Trader for iti London trading room.

Candidates, are 25-35 and educated to degree
standard, mtet have at least two years’
experience in the trading of U.S. money
markets’ instilments and he conversant with
U.S. regulatorjbodies’ requirements. Ability '
to develop ■ exiting as well. as prospect new
accounts is essWiaL Salary circa US$22,QG(K
per annum phis usual fringe benefits.

please write witnrfuU career details to Box A.7855
Financial Times, IQCannon Street, London EC4P 4BY • .

JUNIOR ECONOMIST

Required in Luton oAe by major U.S- conwration
tomonitor European hacro^conomic developm^ts
and the auto-motive sator. Familiarity with build-
ing and running eciometric mo^s essentud.
Knowledge of Spanish vpuld be an additional advan-
tage. Salary up to £10, too plus car. .

Please reply to Bo2l7S51, Financial Times
10 Cannon StreezLamJan, EC4P 4BY

A growing International Bank requires a Banker
experienced in the marketing and processing of a broad
range of investment banking activities including
evaluation of credit risk negotiation and completion of
lending transactions with clients and the marketing of
investment banking products.

-As the main, area of concentration will be the U.5..
candidates must have a sound grasp of American
economy and have gained experience there.

Additionally candidates must be educated to Masters
Degree level in Business Management or Finance and
have at least four years’ relevant hanking experience.

Although the position is based in London it involves
considerable travel. Salary circa \JS$50,000 with
excellent fringe benefits.

Please write enclosing full career details, which will
be treated in strictest confidence to:

Box .4.7854, Financial Trines. 10 Cannon Street
London EC4P 4BY

CREDIT OFFICER ACCOUNTS

New Bank to £20,000 Consortium Bank to £8,000

Exciting opportunity . for Established Bank requires
ambitious banker. In. early 3D's. accounts clerk in 20’s with ex-
with good background in cor- perience oF FX accounting, B/E
porate finance. returns, mgt reporting, etc,

CREDIT ANALYST BI-LINGUAL

European Bank to £13,000 Bankers £ neg

Progressive Inti. Bank seeks Good opportunities for people
credit officer (25-40) with at wj h | anguages ln ered i t , F X.
least 2 years experience to in- *. . . . . .. .....

dude country risk research and Doc. credits and also bi-Iingual
analysis. secretarial position^

CORDON BROWN Bank Recroitnent Consultants
4r6 Coptfaail Avenue London E.C.4 Tel: 01 628 4200

CHIEF DEALER

A well-established foreign bank requires a Chief
Dealer for its London office. Candidates must have
good experience in the foreign exchange and- money
.markets. Remuneration is negotiable and will be
commensurate with- the experience and skills of
the applicant Written applications, with a full
curriculum vitae and a contact telephone number,
should he sent in confidence to:

Box A.7849, Financial Times
10 Cannon Street, London EC4P 4BY

How not to enforce competition

NO INTERVIEW! NO JOB!

If vou don't fiflta n interview youjint pet the Job So your CV
2 ShmSSK It must inform a{imp«wa potential Wteyer

Aminh Vhae are the profassiow (anaonginau prooueera
with testimonials from manyltisfiati'ctiHritB.-Our «w e»

tSSsSi SfS^pBrsonBliW Pt^f n/teWtnln,,n ^n

counselling. Write or phone now iar f *? 5 *

jurrieuia Vitae 1391 C.V /S

FOREX

Appointments

For •‘ForKx/Treasury/tlFfE appoint-
morita dliicliss vour noads. It na
■ coA'.whJt'i specialist,, 1 '

TERENCE STEPHENSON
13/14 Linfa arigin
London EC1A 7BX
Tal: 01-606 6834.

20 years market experience

FINANCIAL SALES

U.S. based financial communlcatjeu
comuanr with UK office looking to hire
talcs person (or its drawing conference
division. . .

Previous sales eopwienee preferrod
as wed as some knowladaa of finance-

Lanouages. apart from exseUent
Lngtis.fi. sfiaote be strong Italian
soconaurv. Spanish.

Please send tell C.V. and telephone
numbers to:

MS- Stuan La tap
Institutional Investor
Sardinia House
52 Lincoln's Inn PWds
London VfMA SLZ
To): 01-404 6232

BY A. H. HERMANN, Legal Correspondent

EEC practices and procedures
concerned with the enforcement
of competition rules were de-
bated in the House of Lords
last week. The House took note
of the Eighth Report* of the
Select Committee on the Euro-
pean Communities which pre-
sented a quite horrifying picture
of the Commission's delays and
suggested a number of remedies.

Introducing the Report, Lord
Seaman told the House of his
visit to Brussels, together with
Lord Fraser of Tufiybelton, an-
other member of the Select Com-
mittee, and expressed the hope
"that there is veiy little left in
controversy." The Commission
was told of the Committee's
conclusions and Lord Scannan
thought that its 11th Report on
Competition Foiicyr had shown
that the Commission was very
much in agreement with the
Select Committee’s conclusions.

It is good to hear that, at last,
the Government is turning its
attention to practices which
have not only proved to be a
pain in the neck of most of the
large European companies, but
have also frustrated an efficient
application of the EEC competi-
tion policy. However, it would
be wrong to assume that para-
graphs 14-28 of the Commission's
report are much more than an
attempt “to allay the principal
apprehensions which have
emerged in (the Commission's)
talks with interested parties-"
The Commission insists that
both the substantive and proce-
dural rules “ have stood rhe test
oF time and do not require any
substantial amendments.”

The greatest problem of EEC
competition policy — and
probably the main reason wby
it is not taken seriously by the
overwhelming majority of
medium-sized and small com-
panies — are the Commission’s
delays in dealing with the
notifications of suspect agree-
ments. A restrictive agreement,
or one which is connected with

RACING

BV DO WIN (C WIGAN

NEITHER of today's big
Chester races, the Dee Stakes
and the Ormonde Stakes, has
proved particularly successful
for Lester Piggott in the
past. But the champion must
be hoping matters will be
better this afternoon. In the
mile and five furlong Ormonde,
Piggott is aboard Critique; in
the three furlongs shorter. Dee
Stakes he is riding Ivano.

It is difficult to imagine
Critique failing to beat

EDUCATIONAL

abuse of market power, must be
notified to the Commission if
it is likely to distort competition
in the Common Market and
affect adversely trade between
member states.

These terms were so
extended by the case law that
many thousands of agreements
fall into this category each year.
If they are not notified they run
the risk of considerable fines,
but if they are notified they

sion reported 3.883 “live " cases
pending at the end of 1981 in.
a year in which It reached a
decision on only 11 cases.

The Select Committee sug-
gested two alternative solutions;
either Regulation 17/62 should
be amended to confer auto-
matic exemption on an agree-,
meat after the lapse of a
specified period from notifica-
tion — a practice which the EEC
Council adopted for rail and

The Lords find EEC delays horrifying but
the Co mmis sion insists its rules stood the test
of time and need no substantial amendment

are not cured of their invalidity
until the Commission gives them
clearance or grants an
exemption.

The Select Committee found
that the shortest time for
obtaining an exemption was IS
months and the longest 15 years.
The shortest time for a negative
clearance was 19 months and the
longest IS years.

The Commission's slowness in
reaching decisions is, however,
quite insignificant in comparison
with the fact that it mostly
reaches no decision at all. To
reduce the backlog of noti-
fications. which in 1967 reached
37.000 cases, the .Commission has
made a few block exemptions
and in other cases sent the
firms " comfort ’* letters telling
them th2t it does not intend to
do anything. As the European
Court held hi the Perfumeries
cases?, such letters cannot be-
relied upon; they do not bind
the Commission and do not
prevent national courts from
declaring the agreements
invalid. Even so, the Commis-

his five opponents in the £23,000
Ormonde. Last year’s Cumber-
land Lodge winner, a late-
developing son of Roberto,
proved that he will rank among
the best middle distance horses
in Europe this season by his
tremendous effort at Newbury
last month.

Critique was sent after the
leaders in the final three fur-
longs of the John Porter and
found no difficulty in closing
on such rivals as Glint Of Gold
and Centreline to deliver a
challenge inside the distance.

His effort almost succeeded;
only in the final strides did it

road transport and proposed for
air transport — or the agree-
ment should be treated as pro-
visionally exempt unless the
Commission bad protested
within 90 days of notification.

The Commission does not
even mention these proposals
which could go a long way to
improve the situation. Instead,
it only promises to pursue the
policy of the worthless “com-
fort" letters and to simplify
exemption decisions by group-
ing together cases which have
common features.

Another recommendation of
the Select Committee seeks a
remedy for the difficulties and
unfairness resulting from the
Commission acting as police-
man, prosecutor and judge all
in one. The Committee’s pro-
posal is that a high ranking
official— a director— should be
appointed in the Competition
Department, who would come
into the case only after the
investigation had been com-
pleted by other officials. His
task would be to preside over
the final oral hearing and to

become clear that he was get-
ting the worst of a struggle with
last year's Derby runner-up
Amyndas.

With the form of that race
having been given a healthy
boost through Glint Of Gold's
narrow failure against Ardross
at Newmarket, the one doubt
surrounding the outcome this
afternoon centres on Critique’s
ability to get a mile and five
furlongs in as fast a run race
as that seen at Newbury.

The distance could present
problems but it seems unlikely
that deficiency in stamina will
prove Critique’s undoing in

draft the Commission’s tied* 1
Sion. It would also be his task "
to approve any dawn raids by
the Commission's investigators. ’
In short, this official should act '
in a quasi-judicial capacity.

The Commit cm seems to he ;
set on Introducing only a semb- :
lance of such reform.

The Committee's proposal .
that, prior to the formal hear- ;
mgs. there should be ' a less :
formal meeting to agree facts '
as far as possible and to
acquaint the parties with the !
CoGimission’s reasoning, is re-
jected by the Commission. It ;
insists that the complicated -
nature of the cases requires the
procedure to take place mainly
in writing.

Tho Commission does not .
comment on the Committee’s :
recommendation that the ;
staffing of the Competition De- ;
partment and its co-operation ,
with other departments of the ;
Commission should be reviewed. ■
Both seem to leave much to be '
desired. But the Commission and
the Select Committee agree ou_
one point: in view of the com-
plex nature of disputes involv-
ing economic analyses and the
burden which results from this
for the European Court, it
would be good tD have a com-
petition court to which all
appeals from the Committee’s
decisions would go in the first
instance. This court would deal
with questions, both of fact and
of law. and a further appeal to
the European Court would be
only on questions of law.

The European Court made
such a suggestion in 197S. In
1980 the Lords' Select Commit-
tee turned it down. It seems Jo
be a good thing that they bad
second thoughts — there is at
least one thing on which all are
agreed.

* Session 1981-82. Competition Prac-
tice. SO £6.50.

t Oft/co for Official Publications ol
Tha European Communities. Luxem-
bourg. 1982. £5.50.

t Cases 253/78. 1. 2. 3. 37/39.

view of his breeding and the
way he finished at Newbury.

James Bethell's Lord Wimpey
almost succeeded in making
every yard of the running over
six furlongs at Epsom recently,
and he looked well worth an
interest over the minimum trip
and from a fai'ourable draw in
the Pulton Ha ndicap.

CHESTER

2.15 — Lady Mnskoka*

2.45 — Critique

3.45 — Ivano

4.15— Lord Wimpy* •*
SALISBURY

2.00— Dev S

2.30— Portogon** —

COMPANY NOTICES

'An

International

Career

Your Son
Or Daughter

At tho European Business School, your son or darghter will spend
four years wwk/ng and studying in London, fens and FranMwt Tha
intensive undergraduate course combines business management
french and German, vnlh training periods in European companies.
1000 graduates are now working in thirty coumnss worldwide.
For information about the school, including details of fees and
admission requirements, contact

A Mr Terry Davies. School Secretary.

m ^ EBS. Lionel Denny-House,
i SJ I 23 Goswell Road. London EC1M7BB.

Telephone: 01 -25 1-J385L

■ Im LONDON • FARE - FRANKRBJT

EUROPEAN BUSINESS SCHOOL

PUBLIC NOTICES

LOCAL AUTHORITY BILLS
BEDFORDSHIRE COUNTY COUNCIL
cs.oao.ooa.oo Bins Issue data 5 May
1 982 maturing 4 August 1982 at :1 **«■„.
Applications totalled t33.500.p00.00 and
there are £10.000.000.00 Bill* ouixtand-

lilla outxtand-

METROPOLITAN BOROUGH OF
STOCKPORT

£8. Bm Bills from 5.5.82 to 4.B.82 at
13%. Total applications £45.2m. Total
outstanding £B.8ri.

CREDIT LYONNAIS

Limited Liability Company with capital of
FRF 1,344/100,000

Banqua Nationals registered in the lists des Banques
Registered Office-. 18. n» de la Republiqua - 69002 LYONS
Head Office and Management- 19, boulevard des Italians - 75002 PARIS
Trade Register: LYONS B 954 509 741 Siret 954 509 741 000 11 APE 8902

FIRST NOTICE OF MEETING

7o holders ot USD 10.000 floating rate notes due 1 388

Please lake notice that the ordinary general meeting of the masse wilt be
held on June 7th 1932 et 3 pm In Paris II, 19 boulevard des Italians, in 4
room of the Heed Office, to discuss the following agenda:

1. To approve the appointment of Messrs Bernard Poizat and Michel Munoz
as first representatives of the masse, as put forth in tho Offering
Circular.

2. To designate Miss Caroline Slib and Mrs Jacqueline Jacquamet as
alternate representatives.

3. ' To fix their remuneration.

4. To determine the place where wiU ba kept tha proxies of noteholders
represented, the minutes and. tho ertandence sheet.

Holders of notes under bearer form wishing to attend In person or to bs
represented by proxy must lodge their notes five days prior to the meeting
with the principal offices or branches of any of rhe following institutions:
—CREDIT LYONNAIS

— BANQUE INTERN ATI ON ALE A LUXEMBOURG. S.AV
—ARAB BANKING CORPORATION
—BANKERS TRUST COMPANY
where forms ol proxy will be available.

Tha ordinary general meeLlng may deliberate validly only if noteholders
present or represented by proxy hold at least a quarter of outstanding
notes.

The rext of proposed resolutions may be consulted by the noteholders at
the Head Offica of CREDIT LYONNAIS in Pans If, 19 boulevard des Italians
and the. offices of the fiscal agent and each paying agent.

THE BOARD!

GLASGOW DISTRICT COUNCIL
Bills IssukS 5.5.82 ££.0m » matur-

ing 4.8.82. Applications IS 2m. Bills
outstanding £21 -5m.

BOROUGH 07 GREAT YARMOUTH
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maturing A August 1982 at 13-^,.
rations totalled £5.850.000.00 and
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PUBLISHED IN LONDON & FRANKFURT

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■fce itepf B Bi. UUrtaljmd Mmr t U gg C hw Hm„ bn. St, M2 5KT. TriexTuZm. Tab
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agHjSsSBi

BRASCAN LIMITED .
(Incorporated u nder the l aws or Canada)

NOTICE „ IS HEREBY GIVEN that the
Board of Directors or this Company has
declared a Quarterly dividend of forty
cents (40 cents) and an extra dividend
of twenty cents (20 cents) per Share (an
Canadian funds) on the Company's Class A.
Class B and Class C Convertible Ordinary
shares without nominal or par value, pay-
able July 31, 1082. to shareholders of
record at the close Of business on July 1.
1982.

The dividends payable on Class A
Convertible Ordinary shares represented
by share warrants ta bearer will be paid
only against surrender of such bearer
warrants (with coupons serial nos. 154/
160, both Inclusive, with talons attached)
in exchange for Bearer International
Depository _ Receipts Issued by Morpan
Guaranty Trust Company of New York
at Brussels. Belgium in respect of Class C
Convertible Ordinary slum of the Com-
pany or for registered share cwltft cates
of the Company. Bearer Warrants (with
coupons serial nos. 154/160. both Inclu-
sive and talons attached) may be tor-
rendered for exchange tm

59. 'Rue tic Namur
10 DO Brussel*

Or

Morten Guaranty Trust Company
of New Yorir •

35. Avenue des Am
1040 Brussels.

Dated at Toronto. Canada, the 28th day
or Anrlf. 1982.

By OrdoT of the Board.

_ L. A. ALLEN.

Vice-President and Secretary.
The tranter agents of the Company arc
National Trust Company- Limited. Taranto.
Montreal. Vancouver. Calgary. Winnipeg
and Halifax. Canada, and Citibank.' N.A..
New Yom. n.Y.. U.S.A. Changes of
address should be notified promptly ta
National Trust Company. Limited at 21
King street East, Toronto. Canada MSC

ART GALLERIES

BANCO Dl ROMA
INTERNATIONAL LA.

US, S50.000.000 FLOATING RATB
_ . NOTES 1979.1987 1991

Bondholders are hereby informed that
tne rate applicable far the* 'Seventh
MUcrest period has been Oxcd at

Coupon NO. 7 will be Payable u
b-om October 28. 19BZ at a price
of US 576.57 which Is eoulvalerrt to
Wo 1 5>i, ? 0 interest worked out lor
We period from April 28. 1982 To
October Z7 t 1982 inclusive on the
basis or 1831360th.

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22

THE MANAGEMENT PAGE:

Marathons put
pace into the
running market

BY IAN HAMILTON FAZEY

WHEN more than 16.000 people
set off this Sunday on tile 26
miles 385 yards of the second
Gillette London Marathon there
will be rather more at stake
than who. among the top
athletes, wins or bow many
lesser mortals in the pack beat
four hours.

For the London marathon is
already the greatest promo-
tional event for running in
Britain. Last year’s caused a
nationwide surge in numbers of
people jogging. The market that
has suddenly opened up as a
result has caught even the most
optimistic by surprise.

How big that market will be-
come defies answer. What is
known is that two years ago in
Britain there were 21 marathons.
Last year there were 54. This
year' there will be at least 106.
Not all of them will be jumbo
events tike London’s but con-
servative estimates are that at
least 100.000 people will run a
marathon in Britain in 1982,
each paying an average entry
fee of £4.

That 100.000 figure is the first
clue to the size of the new run-
ning mass market. Consider
kit Marathon running is not a
matter of buying shorts, vest
and a pair of pumps. It requires
months of training, many miles
of running and more running,
built up day after day, week
after week, in all weathers. A
12 -mile ran on a sub-zero winter
Sunday will see the runner
kitted out in warm tights or
tracksuit bottoms, shorts, shoes,
socks, a long-sleeved tee shirt,
a warm top. a light waterproof
top if wet gloves and a woolly
hat That little lot will cost at
least £50. allowing for cheapish
shoes at £25.

Indeed, given wear and tear
and washing, the runner will
need two pairs of shoes a year,
a couple of pairs of shorts,
several vests and/or tee shirts,
half a dozen pairs of socks
(sweaty, unwashed or darned
socks cause blisters on long
runs), gloves, tracksuit tops,
and warm tights or longjohns.
Some items may well last a
couple of years or more but
others will be discarded

through wear or as fashions
change. This wardrobe will
cost around £125, and twice as
much if an expensive tracksuit
or shoes are chosen.

This year’s 100,000 mara-
thoners, therefore, may have
spent at least £12.5m on ldt in
getting to the starting line.
They, however, are only the tip
of the running iceberg. To have
got to this stage, most will prob-
ably have been jogging, then
running for a couple of years
or more while making up their
minds about building up to a
marathon. The final trigger may
have been last year’s London
marathon — there were 70.000
applications for this Sunday’s
event. Olliers will have taken
up jogging as a result of seeing
that very ordinary folk can
train and "beat the distance.*’
So numbers of runners are
probably at least 300,000 and
may well exceed half a million.

Scientist

The new market will make
many fortunes. A likely big
name for the future is Ron Hill,
who is already a big name as
a marathon runner. Hill, now
43, used to work for Courtaulds
as a textile chemist, in which
field he has a Ph.D. Apart from
world class performances that
made him European and Com-
monwealth. marathon champion
in the early 1970s, he brought
the mind of a highly educated
scientist to his sport, develop-
ing, among other things, a
spatial technique by which
marathon runners could com-
bine trailing and diet in the last
few days before a race to in-
crease temporarily the amount
of chemical energy stored in
the muscles.

He also designed and race-
tested shorts and mesh vests
that helped marathoners stay
cooler longer and began his
business career with a mail
order line in them, which he
ran from home in the evenings.
The success of this eventually
enabled him to move full time
into Ron Bill Sports, a whole-
sale operation, and a retail and
mail order arm, Runnning 'Wild.

With five shops in Greater

Shoes: New Balance 430
Shoes: New Balance 6f&
Tracksuit
Shorts (2 pans).

Vests/tee dirts
Sods (6 puis)'

Winter underwear
Owes

Waterproof tog
Woolly hat
Case watch.

Books
Magazines
Shoe inserts
Physiotherapy

Ointments, rubs, plasters, etc.
Marathon entries ^

TOTAL

Manchester, a flourishing mail
order catalogue, 20 per cent of
his wholesale business going to
export and licensing arrange-
ments about to be signed for
the lucrative American market
(80 per cent of American
runners polled by market re-
searchers knew who Ron Hill
was), Hm says that sales growth
is moving expotential ly. Last
year’s turnover was £350.000.
“We expect to do £750,000 in
the nest 12 mouths,” he says.

Where he and mail order
rivals like Bourne Sports of
Stoke-on-Trent score is in
economy of scale, particularly
in being able to afford to carry
large stocks. In contrast, the
average high street sports shop,
not part of a chain, is going to
struggle, particularly in shoes.
Hill's catalogue illustrates 85
shoes and be maintains that a
stoick of up to 40 of each in
varying sizes is needed to pro-
vide reasonable service. With
shoe prices ranging from £10
to nearly £55 and most in the
£20-£35 range, it is easy to tie
up £100,000 in shoe stocks
alone.

That can only be sustained
through brisk turnover, which
in turn means sales promotion
and advertising to the trade and
the running public, through the
running press.

Here, what happened to
Stonehart Publications' maga-
zine Jogging, Launched in March
1979, is yet more evidence of
the running boom.

After 15 months and 15 ttiin
issues h was re-launched as a
thicker bi-monthly called Run-
ning. By March this year it was
a monthly again, pagination had
doubled to 100 — half advertis-
ing — and was selling 70,000
copies at 75p.

Editor Andy Etcbells. an
Oxford graduate whose personal
marathon best is 2 hrs 29 mins,
went straight to the publication

after post-graduate work at
Loughborough. He says: “ The
market is mushrooming. There
has been a large growth in
numbers of events, many of
them to raise money for charity
through runners being spon-
sored. In fact the charity boom
has probably hardly yet begun.”

It U.S. experience is any-
thing to go by, the running
boom has a long way to go yet
before the market stabilises.
There, siaveys show that there
are at least 25m runners— pro-
portionately, that would suggest
a potential British market of
more than 6m people — and
there are more than 500 mara-
thons a year.

The market is not just about
clothing. Cassio’s “Jogging”
watch, for instance, is a fascinat-
ing example of lateral thinking.
It costs less than £20 and uses
existing microchip technology
to give the runner a wrist-borne
computer. All the runner has
to do is program in stride
length and desired pace in
minutes per mile. The watch
can then be set to bleep to the
runner's steps. It also computes
distance run, strides taken, and
speed, and works as a calculator,
multi-function stop-watch, and
alarm clock. It ia also a time-
piece.

Repels rain

Also on the market are
peppermint foot . lotion, confi-
dence-boosting hypnosis tapes,
fat-measuring calipers, elec-
tronic instruments to monitor
the pulse rate and thus assess
training effectiveness and. from
the U.S., an ultrasonic device
to frighten off dogs.

There is a growing market
in books on running and in
training manuals. Nutritionally,
there are specially formulated
sports drinks which replace
min erals, electrolytes and other
chemicals depleted during
running.

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PAGE 10

In the clothing field, techno-
logical advances include Gore-
Tex fabric, which _ lets out
sweat while repelling Tain.
Tracksuits . in this material,
which several companies are
marketing, cost up to £80 each.

Tracksuits generally are
likely to become a battleground,
with ICI Fibres not only in the
lists but using Sebastian Coe
as a latter-day equivalent of the
sandwich board man.

As it is, the shoe market is
running's toughest, with np to
one-fifth of advertising volume
in typical ru nnin g magazines
devoted to direct brand promo-
tion by manufacturers-

Shoe design is, in fact
critical. A good shoe will
cushion the feet against road
shock and support the foot as
fatigue makes muscles and
ligaments start to give way. A
bad shoe will Let the foot twist
and roll inwards so that joints,
bones and muscles move out of
the ideal angles to each other,
eventually resulting in injury
to ankles or, more commonly,
to knees. Runner’s knee,
chondromalacia patellae, wiD
probably become much more
widespread than tennis elbow.

Trying to prove the efficacy
of a particular, design seems to
be the prime function of shoe
advertising, with price a
secondary consideration. Dun-
lop is latest in tile running mar-
ket with a £23 marathon shoe.
This is the cheaper end of a
market where Saucony*s top
model costs £54.50, New Bal-
ance's £44.95, Nike’s £3935 and
Adidas’s £37.99. Since most
runners agree that footwear is
one area where they cannot
afford to be tight-fisted, some
may consider Dunlop's new
shoes, and the host of others in
that price range, too inexpensive
to risk, despite their qualities.

Injuries will probably hap-
pen anyway through cumulative
over-use of the joints and
muscles in marathon training,
where 40 miles a week is a mini-
mum level. Why increase the
risk by skimping on shoes? As
it is, the realistic would-be
marathoner should also budget
for physiotherapy and maybe
consultation with a foot speci-
alist who can advise on shoes
and gait-correcting inserts if
needed.

Sports medicine, in fact,
seems to be one area that has
not yet woken up to the profit-
able potential of the running
boom. As more people
run and more get injured, it
surely will. A private sports
injuries clinic in a large popu-
lation centre could probably
make a fortune. Just watch the
ads in the running Press.

Ian Hamilton Faze y, 40 this
summer and a London marathon
reject, made his debut at the
Abingdon marathon on Monday,
and completed in 3 hrs 47 mins.

Financial Times Thursqay May -6 ^982

EDITED BY CHRISTOPHER LORENZ

ADVERTISING

Is quality synonymous
with 15% commission?

WHENEVER TWO or more
advertising agency executives
are gathered together, the gossip
invariably toms towards which
agency is pitching for which
account and. more importantly,
whether or not they have- had
to cut their commission rate in
order to win it.

For an industry where most
agencies will go to extreme
lengths to tell y«x just how
creative their latest campaign is
— and just bow effective to their
media-buying prowess — the
shutters come down firmly on
any discussion about how much
the agency actually gets paid for
its efforts.

The reason for this is. that
the commission system of
agency remuneration which
has operated in one form or
another for the past 163 years—
is crumbling under a number of
pressures which few in ■ the
industry appear to want to face
up to. In the current, competi-
tive business environment, it
appears far easier -to pay lip-
service to the- full commission
sysem while clandestinely deal-
ing on a different basis.

Into these somewhat murky
waters has plunged * Peter
Marsh, the ebullient chairman
of Allen, Brady and Marsh, and
someone who is well-known in
the. ad world for the flam-
boyancy of his gestures. Marsh,
however, has raised more than
a few eyebrows within Die
indnstrv by his latest escapade.
He has just taken four-page
advertisements in the industry’s
trade papers to nail bis colours
firmly to the mast of the 15 per
cent agency commission rate.
“We won’t let it crumble,”
Marsh resolutely prodaims.

At stake, believes Marsh and
other agency chiefs, is not
simply a system which has
worked well for many years but,
more significantly, the whole
structure of the full-service
agency set-up and the level of
standards it achieves.

“Nonsense," says John
Bessant. director of advertising
at the Central Office of Informa-
tion (which spends £21m a year
on the Government's advertis-
ing) and probably the chief
opponent of the 15 pet rent
co mmiss ion system. "I object
strongly to the claim that you
cannot get good advertising by
being cost-effective,” he adds.

At the heart of the row —
which most in the advertising
industry would admit may seem
exceedingly complex to the out-
side world — is' tile rommasskm
system.

“The commission system is
akin to democracy or marriage,"
says Marsh.. “It’s not totally
explainable but it works. 1 "

Basically, an agency receives

15 per cent commission on all
expenditure related to the
advertising by the advertiser.
Where this gets confusing,
however, is that this commission
comes from the media end of
the business rather than from
the advertiser.

Supposing an advertiser wants
to take an ad in a newspaper
which, at the published display
rates, would cost £1,000. If be
bought the space himself, it
would cost the advertiser £1,000
— but a recognised advertising:
agency would only be charged
£850. This is because it gets a

discount of 15 .per cent from
t he newspaper (or any other
media) simply because it is a
recognised agency. •

In theory. ..; therefore, . the
adverts erhirs nothing to gain
from not going through an
agency— and in fact a lot to
lose since agencies can offer
creative flair, market research,
and expertise in a wide range
of services which are not open
to tire advertiser. -

Restrictive

In practice, however, there
has always been an element of
financial juggling between ad-
vertisers, media,. and organisa-
tions which have set themselves
up as specialist media-buyers.

An attempt to change the si el-
ation was made by -the Office of
Fair Trading in 1977. Although
most media trade bodies oper-
ated some kind of agreement
covering the . 15 per. cent dis-
count to agencies, the OFT
initially took to task the News-
paper Society and the News-
paper Publishers Association
for their restrictive agreements
which, in effect, told their
members to sell advertising at
a discount only to recognised
agencies.

Under OFT pressure,, the
Newspaper Society and the NPA
were forced to water down their
agreements to make them less
restrictive — agreements which
came into force in 1979. Since
then the OFT has been mouitor--
ing the working of these new
agreements and is currently
consulting with various agencies

on ; th«r effectiveness. The
. agreements could; therefore
soon come* up for a close'

. examination .jar the Restrictive
Trade Bactices Court— which
would provide a tpst case far
the agreements covering other
• sector* of the mediae

Following on from. the OFTs
iMervewtom, the Central Office
of M<nsnation.,‘t«fc the oppor-
tunity to armoujee at the begin*
mag:; of -1980 mat it would no
•tenges' -operate | pn a straight-
. forward 15 per cent commission
system. Instead, ht wouM operate
on a. “ cost-pl uSj basis whereby
. itwould pay ate cost of the 1
media with an extra fee for the
agenqyto woric. I
Bessant says that, while stick-
. ing to the oridual decision to
abandon the straightforward 15
per cent commi ision system, his
. intention now is to negotiate
each advertising contract on a
flexible basis < spending on the
work involved. He refuses, how-
ever, to give details oi new
accounts that 1 ave already been
agreed with ajendes.

Other major advertisers have
taken the -COT lead and begun
to put pressur on ageftcaes to
take a smaller commission (say
12* or 10 pei cent) . or even
work on a fee basis. I No one
will admit this lublidy.) Their
feeling is that 5 per cent of a
£lm television campaign is a
lot of money f r the agency to
receive for the vork involved.

However. Peter Marsh points
out that this 15ber cent “takes'
both diem and [agency through
the heights and ito trouts”
but only amounts to a 2 per.
cent profit margto r for agencies.

What worries many people 1
within the advertising industry I
is not that tht commission *
system should to defended —
it is. after all; ai illogical mid
restrictive system— but that the
debate is simply about cheap i
advertising ratter - than good
advertising. Ir ..the final
analysis, it Is tie effectiveness
of the adver&shg feat counts
and not its cost. -
Bill ClaggetL vice-president .
in charge of advertising for the
U.S.-based Ralston Purina com-
pany-, has consented:. “The
money we save h reducing the
relatively minti amount of
dollars spent imgency commis-
sion can certairiy be negated "
by a few share -points decline
in the market dace."

Davit Churchill

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Financial Times Thursday. May 6 19S2

THE ARTS

&

American Television

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XT

News instead
of variety

by FRANK LIPSIUS

Cable television, the wizardry questions detievered in a no*
of 35 channels, has penetrated ‘ nonsense deadpan voice. With .
to less than- 5 .percent of A men- the end of the hostage crisis.'
can. households, but already the Ntghtline has adopted a unique j
major networks have lost 10 per format of devoting half ad hour j
cent of what used to be called, to some topical subject that does i
redundantly, their -viewing not exclude foreign affairs but i
audience." In fheir. fear of cable, concentrates on such domestic!
the television networks have issues - as air .safety, combining j
neen characteristically bold in .eyewimess accounts of crashes •
fight mg on a financial front but like the recent one in Washing- •!
slow to work on then: network ton with expert opinion, or gun j
programming. Only now is it control as .reported - from "the i
becoming clear how the net- first city In America to ban ;
works intend to guarantee an handguns.

audience for themselves in the
evenings of the future.

Nightline is but ona of ABC’s

-V- V: tv., .

Record Review

Two legends

by DOMINIC GILD

ff.

Dear Liar

by B. A. YOUNG

His value is inflected with a

.. . • . . ’. , _ successes in the new competition I

Mov ms on the financial front in news coverage. The igbt i
first, the networks showed just came out into the open .a year !

L C T^ rVOUS flie I 1 Were J ,y w hen Walter Cronkite
^ wn ^ tvJOTka To retired from The CBS. Evening
££*** ^ t “ 3 S «»* with: him the 1

^_ corap f tition - t0 _^J iera " network's dominance of the 1
J*t ei s ' f 50 c * mju £ ed u £ rates. In losing Crorikite’s i
* u J sl< Jg r: 168 t0 , mafce ^ avuncular and gravelly voice, I
*£*“* * tm L arid e J eB .r t CBS made itself vulnerable to I
lape ?^if cord , s 2 that the showmanship of Roone \

P S£* ‘JSS Ar{e<i ^ e - *• ABC executive who j

sho ^, ed tha£ was promoted from head of

fare aS id 2S? spoils to head of news in order !

Tare a world oeyond their near + 0 T u» n(lh .,.,L i

monopoly of American enter- comStitive k

imminent. Now, when they are Robert Hardy and Sian PhHHips

finally getting round to the Though he failed to get any
changes and sprucing up needed ma i° r names from the other Mermaid
at the networks themselves, it networks, Arledge is credited
is clear that they are almost wilh forcing the compel ii ion to

will ms to abandon entertain* promote those whom he was "| r "V T •

room altogether. Instead, the including Dan Rather. I lfiQT* I 1QT i r> * VAT txt^

networks are concentrating on who became the new anchor on i 1 / L/fl I I ; lnl by B. A. 1 OUNO

their news programmes, a small The CBS Evemng Neu's, and j

but more influential segment of Tom Brokow, who was moved j

the viewing spectrum which the “P from NBC's successful morn- j Jerome Kilty's reconstruction the masterpieces of nur litera- His voice is inflected with a
networks can easily dominate programme Today to be- j of the guiltless affair between lure. Where rhe letters won't touch of the right kind of Irish

with, their foreign bureaus and co ™ e 811 anchor at their even- j Bernard Shaw and Mrs Patrick suffice. Jerome Kilty has added accent; either it wore thin

international standing. While iPff news. In all the jockeying, i Campbell is good stuff for two suitable narration. * during the evening, or I got too

entertaining America has be- “*ws toelf might have been popular players to show them- The ' D i avere j n .his oroduc- used t0 i>- Neither does much

come an increasingly, expensive ignored, at least judging Irom ! selves off in, and Robert Hardy ri _. HirLi„,i hv c-«,h nr n h,irv- reaf acung beyond the nuces-

and unpredictable enterprise, evidence supplied by The ; and Sifln Phillips, fresh from non - “ l ^ ecle( * rntn Banourj, sar ^. boldine of the mirror up

news is becoming- more popular Media Institute, which issued a ( The Wilderness Years, are popu- w,se *>‘ do n ° l impersonate their nature. I hoped that Miss
among audiences which, after report claiming, that the net- i far indeed. The material comes originals. Miss Phillips might Phillips would doff the cloak

all. have lived for a whole works are far too satisfied to j from Shaw’s letters, which Mrs do so very well, and indeed in she wore in the first act and let

generation now 1 with the use just Government sources j Pat saved in a hrtbox when the beautiful costumes designed us see her arms, so that I could

infernal sitcom laugh track for their stories. ! her home was threatened by the for her. by Bob Ringwood, she understand why Joyce wrote in

The American afternoon ABC at least, has led the I Gennan arm y. a p d from Mrs could easily be an Edwardian Finnegans Wake. " She rounded-

newspaper has disappeared .in way in the use of °raphics ! ^ a * ,s own letters in reply. Both beauty- Mr llanly is the wrong her mignons arms like Mrs

the face of competition from to illustrate economic news, j '* T0 * e marvellously well on their shape, though. He reminded Cornwall is West M : but she

the televised evening news, having a lon° succession of I rl ^’ Shaw s description of his me more than anything of the maintains her elegant charm

which is Watched, on one of short news segments, and pro- 1 mother's cremation is one of pictures of W. C. Macready. without doing that,

the three networks, by 60 per moting the oewg on other shows |

cent of the American population, and in other media. While I #

And not just old and venerable Cronkite was delivering the I 1/ ^ / 11 7 _ J

institutions like The Bulletin in CBS news. ABC's "three-headed |V 1 I 1 1 \/\/ 1 / l Ptl

Philadelphia have been hurt by monsteri’ was laughed at, X Vlv V V/ U vl Cl XXX ?▼ XvU kJ&KJL wll
televisioii news. One of the especially for the awkwardness A

medium's own institutions of of haring the anchor in *. » xmnriir m a n rr

more recent vantage, Johnny Washington introduce the one Dy AJNUKtW CLAKJv

Carson, has lost his dominance in Chicago and then the other

of late-night television to Jn London, who. then introduce There has been a welcome Venice is bringing some un- the Soviet companv portrayed

Ntghtane, an ABC programme the on-the-scene reporters. The rarity value about this year's usual Italian repertoire. with all the stilted colourless-

tfaat was started ;as. a daily large number, of stories covered May festival at Wiesbaden. The Th - bv Kiev Onera ness of a lecture in ideologj-.
update of .the Irefliafl. ho^tage^.now^oyercbmes that . objection Staatslheater >* being treated however has been the most And with badly over-raade-up
Crisis. Its host Ted Koppel, has and ABC is forcing the other to a house production of Hinde- e a„ erly anticipated of all with faces and self-conscious acting

proved to be a new media star networks to take stock of the miths Mathis der Maler. and works by Lj-ssenko, Mussorgsky (though, fortunately, linle of

with his penetrating and quick way they too can- innovate. ■: the Teatro La. Fenice from and Shostakovich. The Ukranian the famous East European vocal

Kiev Opera in Wiesbaden

by ANDREW CLARK

There has been a welcome Venice is bringing some un- the Soviet companv portrayed
rarity value about this year's usual Italian repertoire. with all the stilted’ colourless-

Festival Hall

London Philharmonic

by DAVID MURRAY

Klaus Tennstedt has already and special place of its own. vision came Feli

t0 -i- h0U ^L? r0Cl ^ Ct30 ?f °, f Hlnde ; eagerly anticipated of all. with **«■ and self-conscious acting
mith s Mathis der Maler. and wor k s by Lyssenko, Mussorgsky (though, fortunately, little of
the Teatro La. Fenice from and Shostakovich. The llkranian the famous East European vocal

company has a long and dis- shrillness), the singers were in
tinguished operatic tradition — danger of appearing like ani-
yet the opening ni^tt’s perform- mated wax models,
ance of ^Katerina Ismailova u the production sold the
m never quite matched expecta- WO rk short in its visual, intel-

tions. The production, like that lectua j and dramartc potential,
of hhoi.anshclnna, by Irina lbere p| em y 0 f solace to
Molostova. had an old-fashioned be found ^ the consummate
simplicity and directness which of the ^

?. e M L“ r *i,f* Tire ^ orchestra and chorus. The
Shostakonch s handling nf ■ ....

Klaus Tennstedt has already and special place of its own. vision came Felicity Loti’s melt- snosiaKoncn s nanaung oi chorus's precision and disci-

ronducted the L.P.O. in per- On the one hand, it is full of ing soprano for the wide-eyed character stereotype Partici^ plined harmony gave ii the

formances of all Mahler's odd- quintessential Mahler lums, Wnnder/inm Finale, neither * a Tf y . m Katerinas twisted force of a S j ng i e character,

numbered symphonies, in con- instantly recognisable phrase- mock-naive nnr with any unwel- fatoer-in-law, the vulgar pnest quick-witted in the wrestling

cert and on EMI -records, and shapes and cadences that reach come sophistication. Tennsiedt ,L pfl ] 1 ^ l ?' f “H l // scene, full of monng solemnity

seems now to be working as far back as the earliest made unusually much of the ? t u Ke ?uI r ; f in the convicts' march. Stepan

through the evdri-numbered Wioiderhom songs and look frankly carnivorous delights of “*■, J, e „ Turtschak’s conducting made

ones. No. 2, the “Resurrection'* ahead dairvoyantly even to the the heavenly picnic she des- SS2 l *l22tl stron R references to the Slav
fimmhnxv ha« tusf anneared on Ninth Symphony. Such moments cribed. For a work so familiar, P. riva . te . , e _ mot ‘? n : ancestry of Shostakovich's score.

Wu7iderhom songs and look frankly carnivorous delights of “f.. ,ssues cnaracier Turtschak’s conducting made'

ahead dairvoyahtly even to the the heavenly picnic she des- rolationships. motivation and s t ron g references to the Slav

Svmphony, has just appeared on Ninth Symphony Such moments cribed. For a work so familiar, SanlnaSSSi ancesvr y of Shostakovich's score.

recoS^d list ntitttwB heart up continually in this the consistent freshness of this ^ There was ^“kmess and sava-

the gentler Fourth For a loo 0 lpo Performance, not because performance was remarkable Jjf*’ JS? .5 aery in ample proportion, and

Si iP 1t C0 ;t D 5 the ^ orchestra? ^interlude,.

to^n^rirftos^ntak ^race, if not always with iu y ed Store a blacked
SS so rividly characterised: it was fluffs). No so ingeniously re- ****** *mmd J e re a rirtuoso perfoSnanceto

rAe bein ® escorted through fined as Abbado, nor so soberly too much as a typecast. themselves. Instrumental en-

relativeiy Mahler's private treasury. On radiant as Horenstein; Tenn- The symbolism that did filter semble was immaculate, and

(both , of DI the other hand, the whole Sym- s ted t. took .another, path. .ancL ^=througbrT-a . Jmnchrest- - for lent - much-needed- ^ramarir

orchesti^I forces!— it was even phony breathed. the specific air found homely enchantments ail Katerina in the shape of a thrust,

suggested that the Fourth was of a chlld . s wonderland— play- along the way. Earlier he had *!«/», i«r «Sne for tt „
the only one not crippled by innocently serious, rich in conjured np moonlight and . . . ' ^ or lls weaknesses, this

Mahler’s un-British penchant e i vish j 0 k es and surprises arul haunted whispers in. .Schoen- example^eeraed about as production stili succeeeded in

for "excess," easy to believe hints of nightmare. Tiny bits of berg’s Verkldrttt Naeht, too — flimsy, as the fouiniornered reveahog rhe genius of a 2B-

while the others went unheard, grotesque punctuation were but I am obstinately loyal to brown stage panel which was year-old composer, proving that

Tennstedt's lovingly detailed brightly highlit, never breaking the original version for string adapted to serve as courtyard, the opera's continued rarity

reading both confirmed the view ihe flow of the music because its sextet, and cannot behove that bedroom and banqueting hall, value in the West since its

that the Symphony is a pecu- lyrical current was so firmly the string-orchestra draft is One longed for some flair and revision over 20 years ago is

liarlv central Mahler work, and directed. more than a jwpu la rising make- imagination in the scenes of unfair— to audiences, per-

insisted that it occupies an odd Into this magical nursery- shift. violence and eroticism, which formers and to work itself.

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Toscanini: “The Mua Behind
! the Legend " — 20 retards, in-
cluding rwo imegrjf sets, but
otherwise separately available,
of various performances under
Toscanini I92U-52. KCA VL
460U0-4fcU24 fmonol
[ The Hollywood Quartet:

I Schubert's C major quintet;

; Brahms's F minor piano quin-
I let; Dvorak’s quartet, in F
[ no. 12; Smeunu's quartet in E
minor no. 1. HAIV KLS Tti5
1 3-disc box, mono)

The title RCA have chosen
for their latest series of
Toscanini reissues, a brand-new
edition beautifully re-mastered
and pressed in Italy, is a- mean-
ingless promotion label. Such
a relatively sm3ll selection
from Toscanini’s huge recorded
output, arbitrarily chosen, and
offering no more help to the
listener than a few sketchily
partisan sleeve • notes, can
hardly pretend to illuminate
more than a tiny corner of rhe
*■ legend " — composed as it is of
a host of contradictory myths
and prejudices.

I 1 would jibe, too. at RCA’s
j description of Lheir new series
as containing “ the greatest
I Toscanini recordings." A few
j indeed are great: bm the
I greatest which spring first to
I mind are notable only for their
■ absence — the extraordinary
account with Heifetz of -the
I Beethoven violin concerto, the
1 performances with Horowitz in
j the early 1940s of the Brahms
! second and Chaikovsky piano
concertos, the electrify ing per-
! formances from the later 194Us
of Chaikovsky's sixth symphony.
Ravel's Daphms el llhloe suite
and Debussy's La Mcr.

Any substantial Toscanini
collection, none the less, must
help to dispel some of the
silliest myths: that Toscanini
was, for example tor that any-
one could usefully deserve to
j be called) "the greatest con-
ductor of all time or by con-
trast. that Toscanini's musie-
making was unfailingly marked
by a " ruthless eradiction of ail
expressive sentiment" (a judg-

I nient common enough even to-
! day, repeated by David Wool-
| ridge in his book Conductor's
j World); or that his Beethoven

performances in particular were
of the most prosaic and ludi-
crous literal-mindedness, no
more than superficial virtuoso
expositions of the notes of the
composer's score.

The present series of reissues
effectively gives the lie at least
to this last calumny — for it
includes the last and best of
the Beethoven symphony cycles
which Toscanini committed to
disc between 1951 and 1953.
either in sessions or (in the case
of symphonies Nos. 3, 4 and 5>
in live broadcast brought
together in one seven-disc box.
Throughout his long career.
Toscanini was. in the words of
both his admirers and his
detractors. a ** Beethoven
purist." His Beethoven crusade
! consisted in the single-minded
pursuit of the music as
Beethoren had concei red and
irritten if, and in the suppres-
sion, with consuming zeal, of a
century of. Romantic (and
especially late - Romantic)
accretion.

There was nothing remotely
prosaic about this mission: and
indeed, as this set provides
abundant testimony, it resulted
at its maturest stage in some
of the most searching and
musically exciting Beethoven
performances of modern times —
more in rune, to be sure, with
modern-day " authentic ” pre-
occupations than with the
contemporary spirit of the
1930s and 1940s. but rarely
without its illuminations. Just
occasionally a movement here
and there may seem tir^trffer
from Toscanini's fanatical

observance of Beethoven’s own
metronome markings (now
known on purely technical
grounds to be frequently
suspect) — but the effect, after
some initial surprise, is more
often powerfully convincing.
The " fast ” tempo for the
second movement of . the ..fifth

F.T. CROSSWORD
PUZZLE No. 4,864

ACROSS

1 Dismissing a political
faction could mean the end
for one (6, 5) *

7 and 28 Shakespeare's village?
(6)

9 Sordid gain from cruel

_ ..source (5) _ .

10 Arrived with gunners and
shot, but is reluctant to be
photographed (6, 3)

II Stick bills on one or hinder

(9) _

12 A company of herons throng
around (5)

13 It should give many rashers,
but few would eat it (4, 3)

la Way out and without sex-
appeal (4)

IS Handle u hard protuberance
t4)

20 Sideways look with
suspicion (7)

23 A long cut left In a scarf (5)

24 Draw the line at appearing
in a river? (9)

26 Arousing affection like
Thomas Moore’s smung
charms (9)

27 A word of greeting briefly
he will love 15)

28 See 7 Across

29 Famous imperial conference
of 1521, but surely this was
not on the menu (4, 2, 5)

DOWN

1 Become replete and hide
with the highest speed (44)

2 Turn case around for a
dissenter (8)

3 Female relative with her
heart in French resort (5)

4 Conservative in Chinese city
eating sparingly (7)

5 Note the walrus in sorrow
(7)

6 Criterion for enclosures on

symphony (andante for Tpsca- -
nini meant *' going, moving, ’’
and here Beethoven appends •
con tfto/o) has by now passed
into the common currency and
is no longer surprisins— though
we can understand how audi-
ences of the 1930s, accustomed
to 20 pages of. long-winded
sermonising, may have felt '
their sensibilities abused.

Of all these reissues, the
Beethoven box is to my mind
decisively the best buy (sym-
phonies 5. 7 and 9 are also
available separately, although
not alas perhaps ' the . most
remarkable performance of all,
a crystalline, heaveti-atonning
Sixih). But there are other,
les-ser gems: • among them
Mo/urt’s C3 minor symphony "

recorded with the NBC Sym-
phony Orriirstra— not. however,
like .the Beethoven- with the

same' orchestra in Carnegie Hall,
but in the horrible brittle, ash-
dry acoustic of New York's
infamous Studio S-H. which is
' the chief drawback of what
would otherwise be a fascinat-
ing disc, weird but refreshing}
and wholly different from his
highly mannered “expressionist"
Mozart performances ' of the
1930s. A G minor symphony
without a shred of sentimental
indulgence, but- of wonderful '
■ energy and clarity: could a con-
ductor. even today, go- so
directly, with so few evident
concessions to "expressive”
nuance, to the heart of the
music? There is a Wagner Siep-
f i-ied Idyll also, recorded in
Carnegie Hall in 1952 — very .
l3te Toscanini. jubilant,
luminous, deeply expressive,
full of radiant tenderness.

From the point of view of
sound-quality, the Italian re-
mastering* (transferred at- half-
speed in the studio to preserve
ihe information in the grooves
more accurately) are certainly
the best to have -been made hy
any record company to date. All
ihe more reason that tile series
should be continued.

The violinists Felix Slatkin
and Paul Shure. the violinist
Paul Robyn and' the cellist
'Eleanor Aller were four prin-
cipals in various Hollywoud
studio orchestras (Slatkin 'was
leader of the Twentieth Cen-
tury Fox Orchestra) was came
together in I94S to make

another legend, the Hollywood
Siring Quartet. Theirs was
ha«Hy-as putent for as contro*
versial) a legend as Toscanini's;
the lloliywuod's lifespan of 13
years was short, and some trips
1o Europe during Ihe final years
did nut enhance lheir reputa-
tion ta series of recitals at
■Darlington in 1957 was by all
ac'Cuunls a disaster, and only
four years later the group dis-
banded). But in its brief hey-.'
day the Hull) \vuud made a num-
ber of records, many of which
immediately became classics of
the repertory, and some of
which, for their purity of tone .
and perfection of ensemble, are
still unsurpassed.

-One of those is certainly
their recording, with the extra'
cello of Kurt Reher, of
Schubert's C major quintet
Gratitude to EMI for the reissue
is no less heartfelt for th®.
delay: but it is incomprehen-
sible all the same that this
marvellous performance, made
for Capitol in 195U, should have
been absent from the British
catalogue for more than 20
years. The authors of the first
edition of Record Guide in
1952 chose it as "one of the
very best in the discography of
chamber music." and that judg-
' men t still stands.

Also included In tills collec-
tion is their splendidly buoyant
account with the pianist Victor
Alter of the Brahms F minor
quintet: a precise and exuberant
Dvorak F major quartet No 12; •
and a performance of Smetana’s-
E minor quartet "From My
Life." never before issued jn
this country, whose vibrancy
and lucid energy it would be i
hard tor any ensemble any-
where to match. The sound-
quality of The transfers is ex-
ceptionally good (unlike Tosca-
nini. the Hollywood of course ,
benefit from having made virtue
ally all' of their recordings in 33
rpin microgroove). The- plea,
once again, is for more — and not
merely of the Hollywood’s '
famous performances of the late ’
Beethoven quartets, but -also of
some. of The less-popular reper-
tory they so successfully
espoused, by Walton. Hinde-
mith. Prokofiev, Villa-Lobos,.;
Shostakovich (not forgetting a
memorable Shoenberg Verb-
Vine Nacht). r - .

■ ■

■ " -ViS

*1 — - • * ■ -*■ *i5

• . :• . i •

■

■ ■rMmm

'S

Toscanini

i 1 - f pi r i i< i i 5 i i 6 m 7 i R

credit. (9)

7 Holds permit for processed
meat (6)

8 Malicious damage from
flower on border (6)

14 Die over eccentric bit of
software (5-4)

16 Register trouble inside
from endower with qualifica-
tions (81

17 Liberal upsetting our genes
( 8 )

19 Apart from injecting drug
initially, it’s descriptive of

the doctor’s manner (7)

20 Everything for example, on
the right-hand page, is with
brisk movement (7)

21 Bony duck to snatch ... (6)

22 ... and in grave authority
(6)

25 Specialised skill we hear?
Not at ail! (5)

Solution to puzzle No, 4,863

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I • 1NA NCIA I. TIM ES

THE ROLE OF J HREADNEEDLE ST.

BRACKEN HOUSE,; CANNON STREET, LONDON EC4P '4BY
■Telegrams: Rnantfmo, London PS4. Telex: 6954671
Telephone: 01-2468000 '

Thursday May 6 1982

The real risks

By David, Marsh .

rr’r T 15 a fait of a warren" with' the state is still that
I the Bank of England mad between carping banker and
X murmured as he powerful, somewhat neurotic

X murmured • as he powerful, somewhat neurotic

m ushered ■ out his visitor- along client. Mr Denzil Davies, a

• Bj T 1 I • _ _ __ the winding corridor, past Treasury Minister under the

lf| BJ liyAilOH l71fliT the Principals: toilet towards Labour Goveotment, summed up

f J I I | • i H | I III mMW I I \m\ III r* the decorous figure of sis years ago where the power

MM.ML 1 J ” VM'IIAlAIIiij a pink-coated attendant guard- lies: "The Bank advises, but it

ing the entrance to the lift is Government who decides,”

“ But you really must admit — It is ironic that,' over the past
THE APPEARANCE of the first information, and some penna- # is rather a distinguished sort few years, the advice has

report from the Group of 30 on nent body to monitor problem warren." been increasingly disregarded—

risks in international bank cases, act as a forum, and fadli- The '* warren ” is about to by a free-market Conservative

lending is an important sym- tate the laborious business of have its innards renewed. The government, on the face of It

bolic events. It formalises the rescheduling (the Group of 30 Court of - Directors— the govern- ideologically much closer to the

increasing uneasiness of the may be suspected of nominat- fog body which has presided Bank than its predecessor,

international banking com- ing itself for this role). Given over the Bank of England's Doubly bruising to bank egos.

international banking com- ing itself for this role). Given over the Bank of England's Doubly bruising to bank egos,

Enmity about the sovereign such action, the main threat is affairs since its foundation in the Conservatives pledged

lending which lias grown so to hanking profits, not to bank- 1594 — is due this month to before the election to give the

rapidly since the first Op ec oil ing survival. sanction a full-scale internal Bank “a more independent

shock nine years ago. It is So far, so good: but even, regt to modernise the rambling role.”

shock nine years ago. It is So far, so good: but even, refit to modernise the rambling
reassuring as far as it goes; but if this picture is accepted as building’s heating, ventilation
it does not go far enough. accurate, it seems to overlook a nd electrical systems.

In current conditions of reces- the fact that international debt

iildiog’s heating, ventilation That plan was dropped after
id electrical systems. the summer fiasco two years ago

The job will admittedly . be when sterling MS. the Govera-

siun, much worsened terms of is not just a problem for a big one. .probably costing meat's chosen indicator of the
trade for many debtor countries bankers. Prudence may save more than £10m. But in terms money supply, jumped sharply

arid high real interest rates, banks, but leave the world im- 1 of Threadneedle Street's policy- after the ending of the “corset’ 1

banking worries are naturally poverished,
much .more pressing than when nf .
the study group started its work Illusion

making power, deliberation ' on controls on the banks. The
rewiring these days might episode led to a sharp cooling
sometimes look like the limit of relations between Mrs That-

in 1980. Indeed, some academic The verv mood of caution I of fe e Bank’s scope for self- cher and Mr Gordon Richard-
specialists in monetary affairs w hir-h *av« birth tn this renort assertion. • - son. the Bank’s governor.

..... __ wnicn *a\e oinn 10 inis repon j J ^ — Mrs t hatcher's free-market

have been talking about an has already had noticeable I Headed by a Governor who

imminent collapse of the -bank- economic effects As was shown Performs a role midway between feathers were also ruffled when,
ing system, originating in the by recent figures from Am ex. that of a. senior civil servant in the take-over battle for the

Euromarkets.

Weaknesses

In purely banking terms, the J fi^nks in 1981.

new report is largely reassuring , Most bankers believe that

including short-term country and a High Court judge, the Royal Bank of Scotland, Mr
lending, th^re was virtuallv no Bank has always jealously dung Richardson supported a “British
net growth of country lending Jts position of semi -in depen- solution" that would preserve
bv the banks in 1981. dence. the Bank's authority over the

'Most bankers believe that In ^ree years of gentle- banking system.

on this score- this is nnlv to be thi * source of credit is now “ anly ij ?‘ fighting since the Mr Richardson, whose second
mMpd h t Tp S t,! ' drinking. The totals almost Conservatives came- to office, five-year terra ends next

PTmertpri hut tho rMKiiranw SnnnKUlg. llie lOtaiS almost uu.ia«.aurM ic.ii* cuus llcal

fftiinrtPri T Rankm certainly understate the dam- the Bank has emerged from summer, is also notoriously
Swd nUbv the central bank? a ° e - Rescheduling and distress skirmishes with Whitehall— for prickly in his dealings with the

Urged On OJ tne central banks, .u _ a _*■ incMnpn HV«r fha imnAptunna Treacnw Dno Whitakall vionr

havp tripH tnpvprriVf* * orpatpr tending diverts the flow of instance over the importance Treasury. One Whitehall view *

-hi tiS credit away from credit-worthy of an exchange rate policy— is that when something is

a-c Twt-r 1 ilrrl: borrowers .with growth pros- with some important rounds to delayed on the monetary front,

, C .°i , ap X °L}h%- SSS^S!,* 1 * pects to maintainr ng a distant its name.. In other tussles- “we don’t know whether it's

■ ,5 i ul 1 ( L ot hope of viability in such coun- notably over debt indexation — just the Bank being slow — or

iS L v' d ? D $“ tries as Poland. This process it has been resoundingly whether the Governor is upset.” '
"iSPLw v^SJS r deflates more fean it defeated. When under pressure, the

example, now bold LDC debts defines the numbers. Overall, although her trap- Bank tends do fail back on a

worui more than twice their Furthermore, rescheduling pings may be as splendid as worldly, somewhat smug view

total capital. However much is itself may prove in the long of its role as anchor to the .*

“SIT 1 *°J * uar “» Be l I esr P° rt . run to be an illusion. In an era Do mm a firm frnm economic ship of state — an

credit, and recent lending has 0 f WO rld economic growth and , . , attitude, which, because they

oeen subject to IMF support and inflation and interest rates * the Other know it irritates Whitehall,'

conditionality,- which .were negative in Teal j * . T ' Bank officials tend not to

The report is frank about terms, buying time through CIIO OI IOWI1 broadcast too loudly. ■!

some ■ remaining weaknesses, rescheduling did help to solve ■ • — — - -■ — - The theme is that govern-

There is an alarming lack of problems. Circumstances fav- ever, the customary air of in- ments may come and go with Bank of England door

reliable information about the oured borrowers; now they do tellectual hauteur just as their simple-mind#fl notions

current credit position, there not. grand, the Old Lady has been and monetarist fads but the take place in Whitehall

Was much ill-advised lending in -r. - dislodged from her pedestal. . Bank will always be there. As Partlv as a result of «

and, aH in^poitaatily, given the it te sometimes regarded as out J
CbairceBotfs latwt two- Budgets, of touch. . . Clearing bankers stfli 7
tiie power . to tax— reskies: very : use words like " appalling'" to;
-firmly in White hall, fee banks describe tire Bank’s proposal*:
have been frying quietly to by- . on ' Mqihdity requirements for j
.pass tire Bank and forge their banks drawn xrp two years
own UnkB with -the .Treasury.. Theye were quaddy
Bank, officials - often . play after lire banks complained the^l
-down, wrangles - 1 with. ' .the ruleswould drive buaness
Treasury as points 'huanoh. the City.

Yet on most of '.the burning Especially .when if f
questions -otv Eonnetary : . techr - operating- on ■ behalf of the ]
mque— which ■ are more than -Treasury," the' Bank hides*'!
•mere technicalities-^ there has behind, secrecy. Even swaf ’
been . disagreement.' : ' - ' foreign central bankers com- j

■ The Bank opposed : * the plain -:that fee Bank iriays Sts
Treasury’s decision' in 1980, cards, tod dose to its chest !
-under its -Medium ' Term during routine -daily- .foreign:!
Financial. Strategy,' -to ^set fixed • exchange 1 consultations, ■ • '1

.monetary targets for. more, than . Intervention figures were last
one year ahead. There was published (once) 10 vears ago* i
considerable rejoicing,. Jn the" Goveraoris. visitors ar£j

Threadneedle Street : when this .rarely revealed (an exception
part of the strategy was made was' made last year for-Nancy
more ** pragmatic ” in this Beagan); -the . Bank’s indepefr
yearis Budget. ileht GNP forecast is kept

At the same time, however, secret for fear of upsetting th* :
the Bank suffered its strongest Treasury (actually it is pre, 7 :
rebuff.. Overruling' the well- dieting 1' per cent growth this '
publicised objections 1 .of - Mr year;, only- slightly, less than 7 '
Richardson, Sir Geoffrey Howe .Whitehall);, .the- Bank’s three '
in the Budget carried' out. the press spokesmen are never
furthest-reaching * indexation ineant to be quoted •= •?
mov ® .“J western govern-. The Bank's quarterly bullet,
men t by lifting, all restrictions this have to be scrutinised for i
j* w *■ inner ^ meanings like Chinese'*
Over tiie setting of interest vaU-posters. The Bank in- : t
Bank • won what formed the public" of its dikaste 1
looked like a symbolic victoiy- f0 r the. Medium-Term Financial 7 '
last summer when it fought off strategy through the master^?!
the atte mpt of Mrs Thatchers device of never mentioning the 1
economic adviser,- Professor -weirds in its bulletins. To avoid;

waiters, to move to a putting views too firmly,. Bank'
full-scale _ • monetary base officials agonise over- key

system - for controlling the sections, redrafting them up to
money supply. 10 times , '

TheBank has nominal day-Jto- • The diffidence reflects the
day. freedom to regulate money personality of Mr Richardsonl^

sssairsir^'SSLff •» i

SssSh." SBdTSSSiSl.

.****£% ** ftw-wheelteg

operation ts very - - closely sir ]£5e S3!r LorfV

monitored from the Treasury, eessor, bir i^sue (aater Lotd)

Bank of England doorman: “ a distinguished sort of warren ”

which has built up a. duplicate “ Z .. .
money ' market department— "MOWed a StnKHlg
complete with direct telephone ' «

lines to the Bank .and its own contrast to

electronic, video screens— to Sir Cenffrev TTnwP
keep its eye on Threadneedle - ^OUTey IIOVC

The Bank has succeeded in O’Brien. Mr. Richardson never;'

current credit position, there, not.

Was much ill-advised lending in ,

the past in pursuit oF fashion Depressed

grana, tne uia Laay nas Deen ana moneianst iaas out tne take place in Whitehall. were two Bank “cases” which

dislodged from her pedestal . Bank will always be there As Partly as a remit of evolution failed to pub through.

Under a Prime Minister who one official put it: _ Labour jn government, partly because Abroad, the Bank has always

likes to underline feat she is didn't take sterling M3 of fee increasing complexity of been more highly regarded titan

shafting the Government to- ■^ res P 1 ^ 35 interviews.

wards a more overt exchange Bank, speech-writers know

and competitive balance sheet i n short, there may still be 1° underlme feat she is didnt take sterling M3 of fee increasing complexity of been more highly regarded fean

inflation, and some small banks a heavy price to be paid for T° r i , Treasury as senously. Now its fee other th e financial world it oversees, at home. Well thought of. on. the

look vulnerable. the inflationary follies of well, the Bank has come under extreme.. the Bank is moving into new international circuit, Mr

In the judgement of fee “recycling,” and this is unlikely j particular land of personal ^Differences of style underline . areas. A combination , of Richardson has become the

group, the threat of default fay to be avoided by new statistics domination from . the other the divide. Bank economists recession at home and serious informal “spokesman'' of major

rate policy since' last year’s as a meticulous task-:,

sterling fall. But' since the master. " You've got to reraem- j

Treasury achiafly owns fee her that his ‘career started as a"
reserves, the Bank’s currency lawyer," says a long-time friend ,

intervention 4s - closely : con*- and banking associate. “Ttiat: 1
trolled. Under Mrs Thatcher's colours his -approach to-

borrowers and the threat of or new committees. The urgent e P^ those tend to work ouit their sums in debt problems in inteniationai central banks in dealing with

the failure of some banks need is to find new sources of . Af to-Mn Thatcher who say, an atmosphere of polished banking heightens fee heed for the U.S. Fareljfe hankers say

free-marketeers, only “smooth- speeches, writing, documents'

which cannot refinance their development capital for fee touch of glee, feat fee- Chippendale; Treasury officials a strong supervisory role. . fee Bank compares favourably

books In the interbank market credit-worthy, and to give high ra J e . ^ n “. exc S ail 8e rate are more accustomed to 'Civil. Links with industry have been with other central banks m its

is about equal; but neither is" priority to fee steps needed- to quietly expanding. Bank officiaU relative lack of bureaucracy,

seen as likely to initiate a reduce the present historicaliv ”*to effect are wtermuied is chauffeured in a green Rolls make regular visits to com- its reoutatioai for even-

chain collapse of fee system, high level of real interest rates* dl 5JHS m . Dow nfeg StreeL ?^ e; S I r ft . G ? h ffl ’S T ,? 0 J! re ln fiets Ponies around fee country. The handedness enabled the Bank to
Only the collapse of a large which is in the long run quite th ? n ?i2? “ ® ot j“ ag f . new « T “ Whitehall car presence of industrialists on fee p i ay A kev role in the U.S-Iran

bank or group would do that, unsustainable In a*- depressed -the i* ce 5 tu ?P Ibe Bank pool. Mirroring the general Court of Directors "keeps the hostage crisis The Bank was

and here the authorities would world economy. The ^stin- smoothed its dealings with the differentials in pay, Mr Richard-- Governor in touch with indus- discreetly critical of some

no doubt protect deposits guished member of fee Sp ^TSew 5 GeVre^^ f Iv^Snari" W ^ S t HeCt0 I 25?* the^erkSi S

?« ™»™ ■ «»lr. iS’t 2 K IM 5? ? _e comply who tit

ing” operations are allowed— as .
Tre®ury mnrist err such as Mr

. . everything.”

With one" important section

requirements^*" better ""debt ” SUSW-»JS SWST* ^ ^ "JS® i^**^ gf-” S*

A bSSXMi“ mediate^betwe^cre^or 5 banks ““po^ - but ffS

I om mtllArrniX/ Mme «»««« c1 ^. over a good deal since J767 when Sni comSIS TXit by

t-F dill XIjF B 8 i iy I I ii W the financing of the war wife one of its clerks was hanged for recession. ** The Bank played of most international bankers.

France, In 1917 the Govern- 'filing down gold guineas, a most valuable contribution by _ “ , its . ^I 11 . ha^yara, fee
_ __ ment threatened to take away Treasury officials sometimes acting as a catalyst which Bank s pivotal influence is, how-

I T | • its account And in 1976, resent the fringe benefits like promoted concerted action,” ever, under challenge. The big

§u IT llPlUlllTYI Labour’s National Executive cheap mortgages and high says Mr Michael Bird, chairman deano & banks, whioh for so

X Vrl. JXJr W/X ■ BX 1 11 Committee proposed that the quality food available to their of fee UK arm of Massey- loQ S have dutifully channelled

d Bank should be properly Bank counterparts. “But,” one Ferguson, of the Bank’s role their communications to govern-

pwf nop xiviTc &TTr*"vr , , * . „ “socialised.” Bank officii rejoins simply, in fee company’s UK' debt ment fee Bank, have

vSSLi* I0 I electorate ' and especially the The Old Lady was national- “they have more power.” To refinancing last year. That was begun to look fora more effec-

vade unions, will respond to the ised only as Jate as 1946. In drive fee point home, Treasury- one of the Bank’s success tive strategy.

L P nZ (!. promise of jam tomorrow. Two some ways, fee relationship Bank meetings nearly always .stories; Laker and Stone-Piatt Aware that political power-*

’ , . swu auun teira news ior dangerous landmarks lie ahead - .

Belgium in its latest country Local elections are due in

report. The rise of unemploy- October. Before then the

ment may be almost arrested Government hopes to hive its

tins year, the 8. per cent budget for 19S3 passed. For fee •' n jr r* v v ..

!«n U w 10n l within fee Euro- strategy to work, feat budget IX^TaTI &T IV^Q'W’Al^t

oean Monetary System earned will have to continue along the - 1 tXCiI Ol JLVXu.|>1\^X>S

jut in February will help fee stoav road of thp ioa9 ■■

jxternal current account; gross The medium-term Sal ij to

jonie&tic product may increase halve the public sertor deficit ' ' '

■ractecHn 1981* ^ a percenta ge of LltGrarV editor' -« , The 1 ®° or 50 at fe p Bialo- S00 pages were prepared by It was reported recently that

The report also makes it GNP * b y 1985 * • \ * . 1 ' . lel « P rison in a Warsaw Father Adam Boniecki from Thom had sought the advice

:rystal clear that what has be- The OECD report fee oreani- w,^ fe«ti7nan. ; Sir suburb, as can be imagined, Cracow and it chronicles the of French astrologer Madame

:ome one of Europe's sickest sa .tion’s habitual caution^not- mmSS«i Bfi 1fi’ Mog |r«- haS 3 “ st ha t ^ e .? lenty of for cr ®ative Pope’s doings almost day by Elizabeth Teissier du Cros,

economies requires a nroloneed withstanding, says ooenjv feat C 2^ pl * t f < l ^ Sr ^ , ™ aj c or ac ^V2ties. day. although exactly what she was

aeriod of intensive care. That is budget objectiv? vriH^ fS{oStoD o?'H^TimJ eft ^ ^ ve t - "““J ^ eir . IpwitaWy fee account able to teU him has never been

joraething that the Martens dl ®cult to attain. The report edlto y stnp o£ The Tunes. hand to printing bank notes, includes many of the battles the officially revealed,

joverament in Brussels is well als ° raise s some question about is a 230iJage catalogue for However, there is no criminal Pope fought wife the authori- In a tongue-in-cheek attack on

debt urgently needed.

Jam tomorrow
for Belgium

Nigel Lawson have occasionally of fee population — MPs — Mr
bent Bank eare .in-pofntmg out. Richardson’S public perform--
The Bank does nor regard -ances have done him a power,
intervention — or membership- , of of flood,
fee European Monetary System Appearing over 'the past two
— as a panacea. But its philo- years before fee Commons’
sopbieal leanings in favour of Treasury and Civil Service
a “ hand on fee tiller ’’-to con- committee, Mr . Richardson
trol fluctuations are summed up showed a “striking contrast"
by a senior Bank official, using to Sir Geoffrey Howe, accord-
fee nautical metaphors . often ing to one senior Conservative'
employed in Threadneedle “The Governor treated the
Street to express shades of. dis- committee as a serious body,,
^agreement with Whitehall:' and responded with frankness'

“ Foreign exchange dealers are and clarity of presentation. The
not deep-SMtrawlers. They are chancellor at fee beginning 1

on-shore fishermen. They like was not at . all at home with-

to see land on either side.” - th e committee and treated it as

The fall in the Bank’s foreign hostile — a serious misjudg-
exchange activity— and fee loss' ment" he says.

over the last few years of If only he could keep up that

senior personnel — has dimi- form before Mrs Thatcher, Mr'
nished fee stature of fee Bank's Richardson could yet deliv«
dealing room in fee eyes of fee • the last iword for (he Bank— .

Aware feat political power-* There, are other areas where Sir Geoffrey.

by staying in, office longer than'

Men & Matters

The 160 or so at fee Bialo- 800 pages were prepared by It was reported recently that
leka prison in a Warsaw Father Adam Boniecki from Thom had sought the advice

take place

jconomies requires a prolonged !L™5 a “ a,n *' *»ys openly that editorial task since he left thA
aenod of intensive care. That is b “ d S« objective will he editoreSo of “
joraething that the Martens difficult to attain. The report

Government in Brussels is well als ° raises some question about 11 is a 230-page catalogue for However, there is no criminal Pope fought wife fee authori- In a tongue-m-cheek attack on
iware of. The question is the ultimate effectiveness of the Bloomsbury antiquarian “re? 1 - Toe notes are being ties during those years over a the commission over delays in

whether it will be granted suf- devaluation. Its success would booksellqa? Pickering and Produced- with the aid of lino range of issues. Struggles with producing proposals to solve fee

icient time for belt-tightening depend on fee success of the Chatto ■whi<* he bought a year «**!* >» order to add a little fee censors aver this highly EEC's budget and farm prob-

ralicies to work. necessary adjustment policies ag0 and ** repidiy developing piety to a somewhat sedentary sensitive work (given Poland’s 1®“^. Cottrell asked whether

On fee surface, at least, the , ' if 110 . * leading international W®- . ' political climate) lasted more fee astrologer had anything

mguries do not look too bad. unrea SOnabIe business m >ts specialist field: The funny money does tend than a year until last autumn useful to say on fee. prospects

The chronic tension between That takes one straight Kart Hlumined-by Rees-Mogg's’own J? Qno: y T J" 5 ®* 1 administra- when permission came through fee commission d i schar g ing

Flemings and Walloons are not. to i

"^nduSrUl °fevStmlSt b ?he Z** 1 ■ store ^ ° and. 5°* 5 ^ ^ ^nak a small independent Its oWig^ion* . -

let, with Its SSZFJSl SS^..“««S5k- fe5 Cathotic publishing house, to go

-ti a virulent phase. The trade budget with its nhviniTe historical anecdotes, fee cata- 5 nai s*-® t roe. prison nas pro- CatboiL. ,

Jnions. feough they could cal daiisers and ro logue lists about £500,000 Worth Juced fee notes as evidence to ahead. reply Thom saad: “Ln sprte of

lardly welcome the austerity costs As fen OEPn tvvini! 01 Pickering's stock of rare den »°fstrate feat his charges The 50,000 print run had the obvmiis attraction of explort-

irogramrae which the centre- fee price freeze and fep 5* priced- in dollars for .fee JJ®. far a way from mending started when martud iaw came *ng planetary Infinence to over-

ight coalition has embarked down on fi! J! S' of fee main market- - “f. 1 * ways ' int0 force in December. Per- come our- ctzrrent difficulties a

ipon, are relatively quiescent, problems next year «riw?>E p ™ e L . , , • • haS ^J lCt ^ °l a “«slon for fee book was certain amount of caution would

The old saying that a week usual cata effL mi !! Pickering’s has not produced tan *. -feedback with the revoked at once, appear necessary m fee use of

s a long time in politics applies expected unless «Sti3! y .S a. catalogue for 20 years. And “*»■ n W01 ^, PM®®* and The an fe ori ties now show an astrologer m the ordering of

rife especial truth in a ctrnn- prolonged. In this ir^JnL ance ^ edition lists no more 5T al, ?“ .f“*»IfflOned around. ^ ery sigll of wanting to go affaire. After all—

ry where governments are inflationary effec£ tf^al£j fe“ » tenth of the^ volumes T h ® i X^® r i ; ld ^ 1 S e I ?^ a1 h “ through with the censorship 2®

balanced era a knife's edge. tion win to some extent "it on - Selves. Rees-Mogg of General JartEelski Cuts aH over again whae th e no doubt nnderetaod-fee man

r „„ ^ postponed untilS& because of i ntBnas “ annually in ■ le S end “Internees c^refa natural!? Vants the book *ho ; *e «are is pro-

ncentives the ' because of future _ .Bank, t* verbtaUy at fee mercy of the

The basic problems of tte - W .would be quite unreason- for - ST equ^y provocative to Poland’s A possible compromise js that —

•conoray are well known: an t0 expect fee consequences hp !L!fnil S - in”? new rulers Thirty nieces of ^ ook wiU be published as it — — —

excessive conimitment to declin- of >’ ears ^ drift to be corrected first Sun ™**? e Vj. 6 silver make un rouble ls ^ ut fee church will handle its j-.j-ja

ng industries, especially in the «r two years. The Two roubles are eouivalen^tn distribution. .Thar Happened Turkish delight

ng maustnes, especially m the , uu c or two years. The X* xr^ 7T .7 Two rouhl'ev are enni valent *n uisirtnuuon. .mat nappenea ■ ui niou ucngiu

feel-making areas of Wailonia; _ the i stamina of L Ui SfSf one gold manacle ? t0 an , issu ? °f. , a Life under Turkey's rule of law

neei-maKuiB areas or wauoma; A stamina of an(f Vfi nftft p iSS one gold manacle « *n wsup oi a Life under Turkey's rule of law

he collapse of direct invest- ^ at Go Y t ra ™ en t therefore are ^filmefoSfeRob^rt Boyfo Alffei^noffidal initiative *S** can have its P^blems S

announced towards a more spirited money £SSL a ^ decree states feat you cannot

aent that by last year had work,
welled to about 13 per cent of ' .

; np . Important

ar without licence
d so ' Ilnur Cevik,
the Dally News of
ras stopped, hauled

Richard Lovelace’s Lttraxtn nauon aria 13 trying to find ZT2L- ™ B Aosara, was sioppeu, named

Priced at $24,500,- it once ? un ds to cover new Imports and - ^cf° re a judge and fined the

The Government’s response.

belonged t° fte^ericL. t° service Poland;, «2ilm debt " uS “ f0r ^

*"SS5 ^ is- ralw

equiring the use of special restoring the consensus th=T r,™“ market as . ,

•owers granted by Parliament, once use* to characterise into AftS SKtlruSvSSei! H °^ im P rint ‘
las been to try to encourage trial rplatinnc tn oetng yirutauy cleaned Ti

olergy was allowed 'to handle it
instead.

sfijSSS 5HSSIS ^ r °-5^ rs

But,.'. Cevik pointed out,
another law says, that to obtain
licence plates for a hew ear
you have to take it to the traffic
police.' How could he obey both

Foroveradecade, people with a sense of occasion have «
chosen torendezvous at the Inn on the Paxic. .

- Now, we’re also glad to say, people with
good business sense are choosing the Inn on the Raik

for meetings of another kind-

Though for mud) the same reasons.

First, and foremost the Inn bn the Park
is aluxury hotel.

But ifyoii think this makes Foran
unbusinesslike venue, think again.

Nowhere are there surroundings more likely to make a
lasting impressiorion colleagues and dients.

And nowhere is there an atmosphere more conductive to
making business a pleasure.

This is made possible by service so thorough, so ■
effiaent and so unobtrusive thairit.leaves the businessman
totally free todeal with matters athand.

No matter how big the business,
or howsmall the gathering.

Then, there is the-added incentive of notone but
. two worickdass restaurants. -.

TheFour Seasons which boasts cuisine fit for the
palates of the greatest captains ofjndustry. .

And Lanes, whereihe whitest collars can loosen
their ties^.not to mention their belts.

All this, plus two bars and a lounge where even the
fastest-moving executives w3J want tostowdown
and relax, makes thelnn onihe Park the perfect-:
setting for busihessofanykincL
Ifyou would like to find out more
about business meetings atthe lnn on thePark
simply call our Banqueting Manager, Paride Alexander ; i

.. orAnthonyRivenspiiGI^g90888L ‘ •

Y

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Observer

few

. Financial Times Thursdav Mav 6 1982

VIOLENCE IN POLAND

Z3

bitter scent to Spring

By Christopher Bobinski in Warsaw and David Buchan in London

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TEAR GAS has been the bitter
scent of spring far Warsaw and
a dorm other PcHsb cities and
towns in the past few days.
Extensive and violent clashes
between police and sympathisers
<tf the banned (solidarity trade
union have shattered the surface
calm of the past five months of
martial law, and led to the
detention of as many as 1,372
people .and injuries to police
and civilians alike,
r But the demonstrations have
.not answered the central ques-
tion raised by the much-vaunted
Solidarity ' .slogan, . daubed on
walls just after last December
13’s military crackdown. "The
winter is yours, the spring will
be ours,-* They have merely
served to underline that the
imposition 'of martial law has
resolved few. if any. of the
political problems which, faced
;the country last year.

• So far General Wojcicch
Jaruzelski and his government
do not -seem, to have been
panicked into a return to whole-
sale repression.

Immediately after the worst
clashes, on May 3. telephone
services were cut in some cities,
and the use of -private cars
banned. But these measures
have sincp been rescinded, and
General Cieslaw Kiszczak. the
Interior Minister, has said that
the night time curfew was only
brine reirnposed at local autho-
rities' discretion, not nation-
wide.

Speaking to the Parliament
this week, the Interior Minister
Save the impression that, after
an emergency meeting on Tues-
day of the ruling Military Coun-
.cil of National Salvation, no
; major policy shift is being con-
sidered. He paid the clashes,
whose extent he. made no effort
to conceal, might hold tip the
process of ‘’normalisation,” hut
would not derail what he called
the military regime's pursuit of
11 reform, dialogue and concilia-
tion."

Gen Kiszczak has said the pro-
tests were inspired by western
imperialists anxious that war in
the South Atlantic had pushed
the Polish crisis out of the head-
lines. In fact they were a
classic case of what happens
when a tight ltd of repression
is lifted an inch or two. At
the start of May. the military
authorities freed around 1.000.
or one third of the political
prisoners it has held since
December, and lilted the nation-
wide curfew.

Even though Mr Lccft
Walesa, the Solidarity leader.

Demonstrators on the streets of Warsaw this week.

remains under detention, these
gestures were designed as much
as anything rise to make an
impression on public opinion hi
the West, where Nato govern-
ments have made the provision
of new credit and debt relief
to bankrupt Poland conditional
on an end to martial law and
internment and resumption of
a proper dialogue with leaders
of Solidarity and the Catholic
church. But other expects of
an easing in martial law were
evident. At least until last,
weekend, the army had all but
vanished off the streets and
police had exchanged field uni-
forms for norma! everyday
dress.

Bui the August tsso-Decem-
ber 19BI period of Solidarity's
rise has clearly not been 'for-

Authorities have
lost both ground
and time

gotten. Factory workers have
Stayed loyal to their suspended
union. While they have gone
back to work, if only to earn
enough lo offset February’s
drastic price rises, they have by
and large turned a deaf car to
officially sponsored discussions
about, the need to replace
Solidarity with a " controlled ”
union movement.

Poland's student youth have
stayed equally loyal to pro-
martial - law ideals. Warsaw
university remained passive
over the recent sacking of its
independent - minded rector,
but it was those students that
provided the bulk of the week-
end protesters' chanting "Demo-
cracy. democracy. Solidarity.

Solidarity ” in the Polish
capital.

Thus while in the past five
months the Polish people have
recognised • the superior force
of the authorities— something
never taken seriously by
Solidarity radicals last year—
the past few days have now
made clear that any lasting and
stable accord between rulers
and ruled is going lo have to
include a reformed political
system. .

It is precisely here that the
martial Jaw authorities have
lost both . ground and time.
General Jaruzelski has been
preoccupied in refereeing an
ultimately fruitless tug-of-war
between hardline conservatives
and moderates inside his
regime that has paralysed
political initiatives towards
Polish society at large.

Doubtless, some conserva-
tives will be urging a return
to the full panoply of martial
law in the wake of this week’s
protests. But General Jaru-
zelski is aware that in -the long
term this could risk a desper-
ate. typically Polish uprising
which could only be quelled
with the Soviet assistance he

has sought to avoid. On the
other hand, the General, with
his military frame of mind.
clearly b as little feel for the
political gestures which moder-
ates have, been urging on him.

The moderates know that
the. Western credit blockade
bodes . ill for the Polish
economy and realise that
gestures towards liberalisation
are needed if Nato govern-
ments are to review their
policy. The continuing slide in
industrial production, down
even from the appalling per-
formance in 1980 and 1981. is
chiefly due to lack of credit,
raw materials and components
from the West.

Attempts lo offset this with
increased .help from the Com-
munist blor arc falling fiat.
Not only is Poland paying more
this year for Soviet oil and the
like but. in the first quarter of
1982. it got less in the way of
accelerated shipments than it
was promised from Comecon.

But for the moment the mod-
erates are whistling in the wind.
For instance, Mr Mieczslaw
Rakowski, the deputy prime
minister and former journalist
who is generally reckoned to be
the Government's leading mod-
erate. made a speech in Parlia-
ment on Monday calling for con-
ciliation with the country's in-
tellectuals. It might have been
considered highly significant.
But its impact was totally lost
to the image of riot police ring-
ing the building and readying
their batons for demonstrators.

In fact. Mr Rakowski and his
supporters seem to have little
to offer the street protestors. A
week earlier, he made a speech
in Poznan agreeing that the
authorities would in future have
to submit to some form of poli-
tical control by the people and
that trade unions in the Polish
context were the institution to
do the controlling. But he gave
no hope that this would be any-
thing like a return to old-style
Solidarity,

One important casualty of the
latest dashes may he die con-
ciliating role which the Church
has tried to carve out for itself
under martial law. By taking
to the streets, the protesters
were flouting the insistent ad-
vice of Cardinal Josef Glcmp
and the top Church hierarchy

that pressure for the lifting of
martial law must he peaceful.

But the Church has not
pscapod the ire of the authori-
ties. as the Interior Minister
made dear this week when he
complained that the churches
were bolding special masses
that provided marshalling
grounds for potential protests.
With martial law forbidding
most forms of assembly, the
only way a crowd of several
thousand can gather is in a
church, on the occasion of a
Mass which then leads on to a
street protest.

This is precisely how the
demonstrations in Warsaw last
weekend got underway, and a

A new generation
of underground
leaders

similar sequence could occur
this Saturday (significantly on
the eve erf the fifth monthly
anniversary of martial law),
when a Mass is to be said at
Warsaw cathedral for Marshal
Pilsudski, the pre-war Polish
leader.

If the Church is now in
danger of being bypassed by
events, shifts are also taking
place amid the underground
Solidarity leadership. By the
end of April these leaders,
including Mr Zbigniew Bujak,
the Solidarity leader from War-
saw, had scaled down their
conditions for talks with the
regime. They were no longer

insisting on an end to martial
law and a reactivation of their
old trade union, but instead
just wanted freedom for all
internees and amnesty for all
those in hiding like themselves.

Most significantly, the Bujak
group said it was ready to talk
to General- Jaruzelski on the
basis of a moderate document
produced recently by top
Church advisers suggesting that
Solidarity should set aside its
political ambitions in the future.
To back their appeal, the Bujak
group has called for a 15-
minute nationwide work stop-
page on May 13. But strikes
of this kind, or passive resist-
ance, has not proved very suc-
cessful in the past five months,
and if the past week is any
guide, more active means of
protest are gaining ground.

Thus. t'ne underground
Solidarity leaders snlJ have
legitimacy' in the sense .that
they are the only duly elected
worker representatives. But
they may now be losing out to
power on the streets, organised
by a new generation of under-
ground leaders.

For instance, the May I
demonstration in Warsaw was
held at the urging of a co-
ordinating group from some 60
Warsaw factories. Its success
underlined the importance of
this clandestine network, which
being less well known also
runs less risk of being picked
up by the police.

So, the longer the authorities
delay in opening up a real dia-
logue with the Polish trade
union movement, the greater
the chance they will have to
face a more radical under-
ground leadership.

In this context, recent events
have redoubled the importance
for the Jaruzelski Government
of reaching some accord
with Mr Walesa. His recalcit-
rant silence during internment
has infuriated the Government,
but it has only served to bolster
the prestige of the Solidarity
leader.

Mr Walesa remains — and it
needs to be said time and again
— the only person in Solidarity
who has enough authority in
the eyes of the Polish people,
and for that matter foreign
governments, to put a lasting
seal on any future agreement
for the governance of the
country.

economic Viewpoint will appear on
Monday.

Lombard

Stop the killing
straight away

By Samuel Brittan

“They now ring the hells,
bpt they will soon wring
their hands. 1 ’

Sir Robert Walpole, on the
declaration of i car with
Spain. -1739.
THE COMMANDMENT “Thou
shalt not kill ” has never been
observed to the letter in any
country in any period of the
world's history. But if the
horrors of war — the bereave-
ment of nearest and dearest, the
ghastly injuries and the ruin of
individuals' hopes and plans—
are to he justified by those un-
leashing them, very good cause
indeed has to be given. For those
of us who are humanists rather
than religious pacifists, the one
possible justification for the
suffering on the scale now
occurring in the Falklands is
that it is necessary to prevent
even greater . killing and suffer-
ing in future.

The required overriding justi-
fication has not been given.
Those of us who oppose the
Falklands action sbould not fall-
in to the trap of those anti-
Vietnam War campaigners who
sided with the Vietcong. The
Argentine junta and those who
rally to them are responsible
first for the invasion and for the
present “ Death and glory "
attitude which is the cause of
so much bloodshed. But the
evils. of General Galtieri do not
justify the loss of lives resulting
from UK counter-measures.

Two reasons have been offered
to justify the slaughter. The
first is self-determination of the.
Falklands and the second is
“resistance to aggression."

The first is misguided. Self-
determination is only one of
many political objectives. Presi-
dent Wilson made the great
mistake of trying to make it
paramount after World War I,
thus unleashing a host of bloody
conflicts between the different
nationalities of central and
eastern Europe. .

The British Government has
an obligation to look after the
interests of the 1300 inhabi-
tants of the Falklands. For a
tiny fraction of the cost of the
present operation, any of them
who did not wish to live under
Argentine rule could be com-
pensated and resettled in any
part of the world they wished
at far higher standards of living
than they at present enjoy.
Their first preference of living
as the v are under British rule

was lost when the UK Govern-
ment was caught with its pants
down by the Argentine inva-
sion. To risk sacrificing more
than the whole papulation of
the Falklands to enforce a view
which we do not even know
whether the Islanders still hold
is to compound the folly.

The principle of not settling
territorial disputes by force is
more serious, even though it is
more honoured in the breach
than in the observance.

The question is whether any
problematic strengthening of
ihis principle — and it is proble-
matic if the Falklands ulti-
mately go to the Argentine,
which is quite likely — is worth
more in lives and suffering
saved at some future date than
the cost of enforcing it now.
The issue is one for the whole
international community; and
the British political establish-
ment. because it is a party to
the dispute whose pride has
been hurt, is not the best judge
of the issue. If the action is an
altruistic one for the sake of
international good behaviour,
the growing doubts of many of
Britain's allies about the ven-
ture are highly relevant.

Precise suggestions are apt
to he overtaken by events. But
at a very' minimum the British
Government should accept im-
mediately any request by the
UN Secretary General, the
Peruvian president, or General
Haig for a cease-fire — even if it
means withdrawing for the time
being from Falkland waters to
secure Argentine compliance,

Second, on the maxim “Better
late than never" Britain should
wholeheartedly and unilaterally
accept either General Haig's
peace proposals or those re-
ported to be coming from the
Peruvian president There
should also be a unilateral
British undertaking not to land
troops on the Falklands, if the
Argentines withdraw, but in-
stead to welcome a UN. U.S.,
or other neutral interim admini-
stration.

Even those who do not agree
with the fundamental premises
of this article, but who deplore
the scale of bloodshed, ought
to be able to agree that the
Argentine withdrawal should be
the one condition of a perma-
nent cease-fire and questions of
sovereignty and self-determina-
tion left in abeyance by the
British side.

Letters to the Editor

; The Falklands: the future for the islanders

a# I

From Mr 1. Stcirn rUFcrgnsson
Sir, — In his letter (May it
attacking the Government's
v , foreign policy over (he Fatk-
Jands- Mr Roderirk Campbell
regrettably omits in describe in
any detail the alternatives he
would propose in Hen of the
measures to which he is so
obviously opposed.

Faced with President Gal-
fieri 's fait accompli and under-
standable intransigence as far
as all but the most minor issues
were concerned, Mr .Campbell
would 1 suppose have conceded
Argentina's claim, certainly
without using force against
force, conceivably without even
resorting to diplomatic and/or
economic counter-measures — on
the pretext that the fate of 1,800,
islanders thousands - of miles
away would merit neither the
risk to the Britons in Argentina
itself, nor the military expendi-
ture now being incurred on

behalf of the Falklanders (an
attitude which incidentally

..-•-v: would seem to prevail also

among many of the Anglo-
Argcntinian community, if the
broadcast interviews are any-

-•-5:2 thing to go by).

In pure cost-benefit terms Mr
Campbell is probablv correct. If
nne disagrees with his peace-at-
pll-costs approach. Then, on tnc
basis of moral principles, not to
reart as we have done would
amount to abandoning all the
principles of justice and f«e-
dom which we claim to stand hv.
In the face of the subjugation
& c 1 of the Falklanders it is. not diffi-
cult to imagine the howls of pro-
test which would be raise £

■ --.5-' . Mr Campbell and many others
: enraged at the Governments

sell-out to the Argentinians

In the circumstances, and
with ‘‘Afghanistan" at the back
of one's mind- we are probably
.also forced into choosing
between military counter-
measures and a climb-down,
even if diploma tic/ economic
retaliation is indeed permitted
as part of the Government’s
efforts towards re-establishing
the status quo. (Without the
threat of military back-up, the
effectiveness of such retalia-
tion is open to question.)

Granted that if and when
the status quo is finally achieved
the diplomatic problems of
negotiating a longer term settle-
ment will have only just begun,
it must surely be both a “sen-
sible" and a "coherent” foreign
poHcv to strive now both diplo-
matically. economically and
militarily to establish a strong
negotiating position, if only to
get the best possible deal for
the Falklanders as they become
over time ever more dependent
on their closest neighbour geo-
graphically. Indeed, if the con-
trolled use of our armed forces
is ruled out even in response to
such blataijt unprovoked aggres-
sion. we must then seriously
question the justification for
maintaining the armed services
in the first place.

I. G. Stewart-Fergusson.

9, Hotspur Avenue*

Bedlington. Northumberland.

From Mr L. Palmier
Sir.— The justification for the
Falklands operation lies in the
demonstration that we a"®
prepared to defend what is ours.

The number of people there is
irrelevant; the same argument
would apply if the islands were
deserted or heavily populated.
So, also, oh the other hand, is
the character of the Argentinian
regime; the case would not be
different if. for example, France
invaded thpGliannel Islands fas
part of the old duchy of Nor-
mandy, some kind of French
claim could no doubt be erected
for them). Several other coun-
tries. of more moment than the
Argentine, would have been
most interested to observe that
we had lost the will to look
after our own.

When the Argentines are
expelled, the future of the
islands must then be settled. It
is dear we no longer have the
capacity to maintain a far-flung
empire; they should therefore
be relinquished. To give a popu-
lation of some 2,000 their
independence is hardly feasible,
if only because they are
unlikely -to retain it for long.
Since Argentina is the closest
slate, it is expedient that the
islands come under her adminis-
tration (claim or no claim).
** In victory, magnanimity.” The
British population should he
offered the choice of relocating
elsewhere, with full compensa-
tion borne entirely by the
Argentines. At a time when so
many people in this country are
having to relocate to find work,
it is not unreasonable to ask
those in the Falklands to make
similar sacrifices for the com-
mon good.
jjpeVe Palmier.

Hozrtrise,

St Catherine's Close. Bath.

• >

■■f. „*■

Tapioca pudding

from Brussels

From the President,

Grain ond Feed Trade
Association. .

Sir,— Your leading article of
April 28 prompts me to draw
attention to the European Com-
mission's seemingly confused
objectives in negotiating. °r
seeking to negotiate, initiations
on exports of matenals Jlterna
tive to cereals in amnia! feeding
stuffs, such as tapioca (manioc)
or maize gluten feed.

The Commission argues that
producers have a right
expert an income based on the
target price for cereals, and
that to their detriment very
heavy imports of "cereal sub-
stitutes” have depressed prices
to intervention levels. In Bnnsn
terms, this would mean that the
intended level of support pnees
should rise from around
(the current intervention price)
to £141, or by 20 per. cent. What
this , implies is ..-self-evident.

namely the prohibition rather
than the limitation, of imports
nf raw materials other than
cereals and a swingeing
increase in the pnee of all
animal feeding stuffs.

The Commission must know
that its problems are caused by
excessively high support prices
for cereals that have increased
production in 10 years from
around 90m to 120m tonnes and
which have made , cereals
increasingly uneconomic for use
in animal feeding (apart from
the fart that selective -breeding
has so reduced the size of the
rumen in the most productive
cows that they could no longer
thrive on a diet of cereals!).
The Commission also knows
full well that, had those prices
been 20 per. cent higher, at the
level of the target price, their
problems would have been un-
manageable, . and that tbe
effect on the pnees of. and ine
consumption of. livestock pro-
ducts would have been very
grave indeed. • ,

To sum up. May I plead .for

a strong counter-dose of realism
in tbe Council of Ministers
when it comes to decide, as it
must on the- Commission's pro-
posals. The first task is to
bring the price of cereals down
to a competitive level, not to
increase il. More particularly,
we need a reduction in target
prices, particularly for wheat
and maize. In the interests of
the producers of that 60 per
cent of all Community output,
namely, livestock products,
until and unless cereal prices
are brought down to a realistic
level, no further restrictions
should be put on imports of
competing raw materials,
whether tapioca, cereal brans,
corn gluten feed, dtrus pellets,
or other residues- It Is worth
recording that these have re-
placed imported cereals, mainly
maize, to the extent of 6.2m
tonnes since 1973.

L. J. Wright,

Baltic Exchange Chambers.
•MS St Mam Axe, EC3.

Direct labour in die
health service

From the Secretory.

Health Services Committee.
South-East Regional Council.
Trades Union Congress

Sir,— You report (April 29)
the publication of a document
"Reservicing health” by Michael
Forsyth which appears to
reiterate the political platform
already advanced • by the
Minister of Health, who wrote
to health authorities on August
20 last year asking them to
consider the introduction of
contracts for various services,
and seeking a detailed reply.

On September 28 1981 Lady
McCarthy, the Oxfordshire area
health authority chairman,
responded indicating that even
allowing for the difficulty
arising from the different
accounting practices between
the public and private sector
"it had good reason to doubt
that financial savings would
result from more extensive
moves towards contract ser-
vices." On the one cleaning
contract in the area it could be
demonstrated that this cost one
third more to dean than
National Health Service direct
labour. The contract has been
terminated. An exercise on
laundry services showed that a
private laundry would charge
four times the NHS cost An
examination of pharmaceutical
products indicated considerable
savings through producing fluids
within the NHS. Consideration
of sterile supply products com-
pared to commercial alternatives
showed no benefit by switching
to • the private sector, and
reports from neighbouring
authorities demonstrated that
cost comparisons for complex
sterile surgical packs are even
more favourable to in-house
production.

Both in the maintenance of
medical equipment and trans-
port vehicles technical staff and
mechanics were being increased
in order to save money because
of the rapid escalation of manu-
facturers’ maintenance costs and
charges by local garages.

Trade union experience with
a cleaning contract in a neigh-
bouring authority— Buckingham-
shire— revealed that- a saving of
£60,000 per annum would accrue
if a domestic cleaning contract
covering Stoke Mandeville and
St John's hospitals were not
re-let to a private contract hut
undertaken in-house.

The claims made in this
pamphlet and similar political
utterances appear to be based
on rhetoric rather than any real
study of comparative costs of
providing services within the
NHS and by private contractors.
Keith Jerrome.

.‘59-65 Loudon Street,

Reading,

Berks.

£7.00 a foot

9

The city is Peterborough. Fifty minutes from
Kings Cross. The offices are in Midgate House,
a superb new building overlooking the cathedral.

The cost is all-inclusive. Rent, rates and
service charge!

The last 10,000 sq ft is available now.

Call today and discover how your business
could benefit from the Peterborough Effect

Modem offices in die city centre are also .
available from 2,000 sq ft Another 58,000 sq ft is
being built and a further 300,000 sq ft will
startsoon.

Ring John Case on Freefone 4321

It must be the Petfif^ 01

’ V^rtr

Companies and Markets

UK COMPANY NEWS

Financial Times Thursday May 6 1982 '

P & O makes £40m in second half U 7 „ 5ro .I 0SS

PROFITS of Peninsular and
Oriental Steam Navigation
Company rebounded sharply in
the second half of 19S1 riter the
first half collapse.

The pre-tax figure for the year
totalled just under £4Im against
£47m and was well ahead of
analysis' estimates. The final
dividend is toeing lifted to 7p a
deferred share from 5p, making
a total of lttp CSp »-

In the first hgjf, P & 0's
profit? tumbled from £l2.9m to
£729,000 as a result of various
industrial disputes and slack
world trade.

P i O is hoping for an
improvement ic its total J9S2
results. It said this year had
not begun as badly as last year,
but ihe group has had to contend
with more disputes at the
paris of Southampton and
Middlesbroifgh.

The 1931 operating result of
£7S.7m. down from £S4.7m,
included a loss of £0.5m
i previous year profit of £5.7 rn)
on sales n£ 14 ships after deduct-
ing redundancy and nrher costs.

Attributable profits were
slight^: higher al £2"Jra against
£l9ni after a lower iaj; charge—
£10.5m compared with £16.3m —
caused lamely by a U.S. tax
credit. Earnings per share were
21 n (20.9p/.

The altributahle figure was
struck afier higher extraordinary

Serck slide
continues
at year end

The slide in pre-tax profits
shown at the interim stage at
Serck continued for the 15
months to January 2 19S2 with
profits- declining from £3.02m
for the previous 12 months to
£1.75m. In the second half the
surplus was down from £1.82m
to £1.53m.

Group sales rose by 136.59m
to £14 2.20m.

Below the line there was an
extraordinary debit of £9.77m
for activities curtailed, relocated
and closed.

There is no dividend. Last
year a final of 2.2p gave a total
of 3.4p nek All the ordinary
capital of this specialist engineer
is owned by BTR Industries.

At the operating level profits
fell from £5.72m to £4.73m. Pre-
tax profits were struck after
higher associated profits of
£623.000 (£288.000) and

increased interest payments of
£3.61m f£2.99m).

Tax took £603.000 (£1.7m).
There was a higher credit for
minorities of £56.000 f £29.000).

The accounts show £553.000
compensation for loss of office
to four directors.

items of £14.Sra (£5. 8m), mainly
as a result of shore staff
redundancy and other costs, asso-
ciated with the ship sales.

Partly offsetting these were
exchange rate gains of £8. 2m.
Groun borrowings went down
further by £9m to £27lm. despite
the addition of £23m through
the decline in sterling.

HIGHLIGHTS

1381

1980

0300

£C00

Gross revenue

3,072,721 2,240,269

Operating rasult* ...

78.737

84.723

Net interest payable

37.787

37,647

Profit before tax ...

40,960

47,076

Taxaiien

10.4S7

16.321

Net prdit

20.463

30.-ra5

Minorities

64S

1.148

Net balance

23.818

29.607

Credit — .

S.125

■$*,736

Extraordinary debit...

14.793

5.778

Atinburable

23.150

19.033

£m

£m

Deep Sea Carao—

owned

2.5

*4.9

Deep Sea Cergo—

associates

9.9

16.6

rcmea loss

6.7

S.1

Passenger

European c.-ansoort...

0 1 related

10.6

17.2

Booking

3.7

3.1

Agency services ...

Bovis

b.8

P & 0 property

4.7

4.6

Australia •

Other overseas

1.3

Expenses

1.8

Profit before tax . .

41.0

47.1

Lex comments on the mood which overtook the London
Stock Market yesterday following recent events in the
Falklands, before moving on to consider several major results
on a busy day for company news. The first-quarter downturn
at Genera] Accident turned out to be more severe than had
been expected with losses of £llm against a -£19m profit.
Sainsbury, in contrast, continues to show exceptional profits
growth with full-year figures to the' end of February rising
from £66m to £89m. P & 0’s year has finished on a stronger
note than had been anticipated and the fuILyear outturn is
£41m profit against £4?m. The dividend is . lifted by .25
per cent. Finally the column goes on to comment on the
unfortunate experience of shareholders in NCC Energy under
the leadership of Mr Graham Lacey.

• Includes E0.5m loss (E5.7m profit)
cn sale of ships. t Debit, t Loss.

The group said trading, condi-

tions were difficult last year,
though sterling's weakness
helped the final results. Lord
Inchcape, chairman, said profits
were hit more than he could,
ever recall by strikes and other
industrial action.

On the shipping side, he said
the year- began with dry cargo
rates at a reasonable leveL But
this was partly due to an arti-
ficial balance, between supply and
demand through delays caused
by ‘congestion.

Its own deep sea cargo profits
were £2.5m pre-tax against a
£4.9m loss, while those from asso-
ciates. including Overseas Con-
tainers Ltd (OCL), totalled £9.9m

•against £16.6m. * OCL. which has
already announced lower profits,
suffered from port strikes and
the slack trade.

The only loss-maker last year
for P & 0 was its ferry ride
which had a pre-tax deficit ' of
£6.7m CfS.Im). But 1982 is
expected to show a considerable
improvement. Boris construc-
tion profits rose from £2.3m to
£6.Sm.

P & O intends to raise its
interim dividend for 1982 from
3p to 4p for a more equal
balance with the final. It said
this did not Imply a rise in the
total.

See Lex

J. Mowlem advances to £7.8m

CONSTRUCTION group John
Mowlem & Company finished
19S1 with pre-tax profits ahead
from £6.3m to £7.$m, following
a first half rise from £2.51m to
£3.21m. Turnover increased from
£240m to £27 Im.

After tax and extraordinary
items the attributable balance
conies through unchanged at
£6.1 ifc; Profits per ordinary share
are stated at 42.1p <37.Sp) and
earnings at 34.5p (30.Spj.

Shareholders are getting a 10
per cent increase in the divi-
dend. The final is 7.625p taking
the total up from S.75p to 9.625p
net.

Mr Philip Beck, the chairman,
reports that the group's con-
struction companies ail perfor-
med well during the year. The
balance sheet is strong, the
order book stable and “ we
expect that the results for 19S2
will again be . satisfactory," he
says.

During the year the group
was awarded, in joint venture, a
>'283113 cost reimbursable con-
tract by the U.S. Navy for
general construction work on
the island of Diego Garcia in
the Indian Ocean. Joint venture
partners in this contract are
Raymond International and
Brown & Root.

The chairman says that the
first full year of the U.S. acqui-

sition, Soiltest, exceeded .its
profit targets.

At the year end ordinary
shareholders’ funds showed an
increase from £35.Sm to £44.5m
—equal to 240p (216p) per

share.

• comment

Since the better than expected
interim figures, Mowlem’ s shares
have undergone something of a
rerating. Full year pre-tax
profits did not disappoint up 24
per cent at £7.Sm. Internal effi-
ciencies, rather than a less com-
petitive market seems to lie
behind an improvement in UK
construction margins. The turn-
round in results from associates
is welcome, but £100,000 profit on
a turnover of £lSm still leaves

much to be 'desired. The £3 6m
.Diego Garcia U.S. Navy contract
is cost reimbursable, and a handy
bedrock, following the comple-
tion of the NatWest tower block
contract Current economic diffi-
culties in East Africa make
growth prospects there uncertain,
but Mowlem has wisely steered
clear of non-international aid
funded projects. Even after the
S1.5m GPN acquisition in
October, the £5 .26m from last
May’s rights issue has helped
swell net cash to over £10m, and
further acquisitions are immi-
nent After the results the share
price dropped 4p from Tuesday's
all-time high, to 209p. yielding
about 6! per cent on the in-
creased dividend, and on a p/e
of about 10.

TR North America pays same

Revenue of the TR North
America Investment Trust
formerly Continental Union
Trust, came out just ahead at
fl.lltn far the year ended March
31 1982, after all charges and
tax. against £1.02m. The divi-
dend is unchanged at 6-25p net
per 25p share with a same-again
final of 4.25p.

Also the directors forecast an
unchanged interim distribution

of 2p net for the current year.

Gross income for 1981-82
amounted to £2 -23m, compared
with £1.96m, and tax was
£593.655 (£502,332) which in-
cluded foreign withholding taxes
of £68.175 (£52.764).

Earnings per share are shown
as 6.79p (626p) and net asset
value is given as 2222p (210.8p),
after deducting prior charges at
par.

Vfe have come through

a difficult year^^

/I

U:‘

—I"

-. -’s

WliMMU*

for Smith
St Aubyn

A REVERSAL of over £6m, from
a profit of £3. 44m to a net loss
of £2.7fun, is reported- by
discount broker and banker
Smith St Aubyn (Holdings) for
the year ending April 5. 19S2.

The figure was struck after aR
expenses, recovery of tax, rebate
and a transfer from contin-
gencies. reserve in Smith St
Aubyn Company, . against a-
transfer . .to the - reserve
previously, ‘ Valuation ‘ and'
contingencies reserves do. not
exceed £500,t>00. it is pointed
out

As predicted, the final
dividend is being omitted (Bp),
leaving the interim of A5n net
as the payment for the year,
-against a total of 10.5p lart time.

■At the time of a rights issue
in January the directors Varned
that the final. payout would be
passed. They also said ' that it
was probable that the company
would not be in a position to pay
dividends on the two classes of
preference shares due on March
31- .

However, -in February they
announced that there had been
a material beneficial change in
the company’s position . - . and
that it may be in a position to
pay the preference dividends
after adoption of the audited
accounts for the year. In the
event, dividends on the 43 per
cent non-cumuhrtive preference
and 94 per cent cumulative
second preference shares will
now be paid on June 17, 1982.

Explaining the reason for the
rights issue the directors said in
January that the company had
made a farther significant loss
with the result that. both inner
and published reserves had been
extinguished. They believed that
it was essential to increase the
capital base of the company in
order that it may maintain an
adequate level of business.

At year-end loans and deposits
totalled 1353.76m. ( £59425 m) and
bills discounted were £301.35m
(£21L32tn). Contingent liability
of commercial bills under
rediscount was £128bn
(£870.l8m).

• comment

Smith St Aubyn seems to have
made roughly £4m in the last
five months of its financial year
—even given the favourable cir-
cumstances a fair return on an
equity base that has been as
low as £3m during that period.
The inference is that Smith has
not lost its taste for playing the
gilt-edged market, even though
the April balance sheet shows
gilt holdings down from £30Sm
to £4m. The Bank of England,
meanwhile, has allowed Smith
to run a very much larger, book
than its end-year real net worth
Of £9m might suggest, and there
has certainly been plenty of bill
turnover;, the (very remote) '
contingent liability on . bills -
under rediscount has risen frqm
40 to 140 times Smith’s equity
base. At 34p, down 3p yester-
day, to give a £7.3m capitalisa-
tion, the shares are as
speculative as Smith's own
investment strategy.

H. Young to
raise £0.2m
by rights

H. Young Holdings, the small
motor distributor, is raising
£190,000 with a 1-fac-l rights
issue at 25p a share;

The company will be using the
proceeds to transform a distribu-
tor based in Guildford into a
sole Mercedes Benz distributor.

The directors forecast a loss
of about £95.000 for the year end-
ing this month. They do not
intend to recommend a dividend
for the year.

- Finn undertakings have been
received from certain .share-
holders to take up their entitle-
ments for a total of 415,492
shares. The balance has been
underwritten.

m

THE GeneraT Accident' Group
had the worst possible start to
the year, recording. a : pre-tax
Joss of Hllm in the first-
quarter, its poorest ever quar-
terly figure.

The severe maker weather in '
the UK. the worst for a century
according to GA, together with
continuing poor -trading 'condi-
tions in the U.S~ Canada,
Australia and most other parts ,
of the world, sent underwriting
losses soaring- -from £15.7 m to
£5ilm m-tfce- quarter.

Investment income . rose . hy;
2L2 per cent- during- the period
from £34. 9m to £42.3m . {the.
underlying growth irate' allowing
for exchange rate fluctuations of
17.7 per cent):. But this rise
failed to bridge -the. widening
gap of underwriting losses,
resulting in a pre-tax loss for.
the quarter, against .a £lR3m
profit last year.

A ' substantial tax ■ credit;,
softened the net loss attribut-
able to shareholders to £L5xn~
compared with -a profit of £13m
tor the first quarter of last year.

- . Total premium, income rose
more than 10 per cent in steri-
. ihg . terms from £258 3m, to '•
1285.1m. exchange rate fluctua-
tions trimming the underlying
rise to 7.7 per cent. The solvency
margin at end-Apri! was 60 per
cent -

The severe snowstorms and
floods which hit Britain last
winter had a mueh deeper im-
pact, than had .-been anticipated.
Underwriting losses for business
since Janaary 1 rose tenfold ■
from £2.4m to £27. 7m, with bad
weather claims costing 120m- :

About half of this cost* -was;
made on the household account *
with claims for damage .from
burst pipes, floods and storms,
leading to underwriting losses
of n02m. -t

Underwriting losses in the
motor account, GA being the
largest motor insurers in the
UK. soared to £7-2m. of which
half arose from the severe

wvhjends ?

. . . Data Corre- '"Total Total': U'

. Current, . '. ol' spoDdlhg' Tor *. . last : ;j
' payment ^ payment dfv.- > y«ar ' year.; .

Const A37- July 2 ;; , 4.12 . " 7.1-7 : &42 ’ \ s:

Aberdeen. Const 477 July 2 V4.12;

JBrixton Estate -.... r . ...... -1.85- -

Comfort Hotels- ...Is...... U4' - ;.0.4 0.6

T. Cowie .inti-’ 0,8, ^ ''

Elbar Industrial ' Nil - ■ — . - .-.1 Nil'

Matthew' HaH ,-.4.03 : >3JS8* . 5iI2
P.'C.. Henderson 72$ ; .Juiy 1 5.75 ; V W
Lon. & ProV. Shop ..lint 0.9:-; ? July*. ! §. ;

KBOetts Leisure .—j-v, 4 :-? - July-15 ;4 6.95

John ‘Mowletn -.iliVrj. :7.’63 - ' -? ' 1 July ^1" ~ ®85- L
1928 lav. ’ Jiiiy l MV

F. & a Defd. Yri: ' July -t 5.--

2^3*. -

0.6
LB
-2

8 , «-■». 7' :

Loxt & ProV. Shop ..:int 0.9 . July. I 'Q.B .• . 5. ; 2.4 l '

wanetts Leisure 4 : l : - Juiy-lS ;4 6.95 - ■6.95^f>^

John' "Mowlem :7.’63 _ ' -\ ' 1 July H'-' ■ • CSS- - SK63 — S-75"

1928 lav. 2.75 - •' Jvif l - ««' 4.75 "V4 A. ;c,n

F. & a Defd. Hjy?.- July -1 5.-- 10 ~ 8

J. Salnsbary .....i.-......- &5 ■ ' Jnly 23. 5 - 9:75 7.25* .^

Sralfli :St Aubyn r . . ’ ' . 5 '■ 4.5 - 10.5- .j:#-

TR N. America • 455:,';-' JuneT4 .^25; '; 6^5 ^:-.

Dividends shown pence per sh are net exc e p t where otherwise stated::

♦Eqitivalerit'-' after 'aliowiiig -for s'crlp -issue. On capital^
increased ;by rights -vand/br acquisition issues. _ ;t USM: -Stocky .

§ Final of .2.7p forecast . :’. .- ' ;-. t- .-.

weather, the rest coining- from-,
normal trading: Thfr unrajjar' of
claims was 16 per cefit ‘higher'
than normal. - ' ‘ ; ’^‘v • .

The group has not - increased -
its motor . premium rates' ^fbr
nearly -two years, despite con-
tinuing. -rf5thgr claims costs^In
an effort to recapture lost busi-
ness. .There are ■ indications That -
a rate- increase, could edme 1 on
August 1 — two years -aftOr the
last revision— though GA claims
to be. still, making . np'.its mind-
The ' traders! account!-' lost.
£6 .2m, off; which £4.5m came
from bad weather^ byt the' £2.8m
loss | iiv" industrial ..fire 'Cdaraft
inostiy -froih the rising fire
damage costs in Britain ..and
inadequate- rates. . -
The only bright spot-jn. the,
UK .figures was a ;. 5.4 per . cent
rise in UK premiums ^ slightly
above last year's poor growth
rate.— : vrith the company serins
personal lines business ''coming'
back. '.- V ' ‘ '.v' •

Premium' income in the U.S-

..rose by . just 2 per emit from-' :

JSliSm to jBISlin. -while. under; x
writihs-. Iflfeses. nearly doolHeif^'
from -£6.&n !to -£lLBnil : ”TK6 ;'
operating fatio;fell - from 10652-
per cent to' H1.04 per cent,-Witfr-; \-
'the claims ratio declining front i'

77JJ8 per cent to S0^6 per cent:": .

The 7 expense ratio foil ; £r«mr : -'

29^4 pri: cent to 30.7$ per cent-:;

— reflecting the: low premium;...
•growth. • : --. '•' -."-v •

There were losses to . aU r v .
major lines, with the automobile j . .
account reporting a substantial^. 7 " i
deterioration . from a rise
claims and. from The- inadequate.:."
rates: Increases in rater in' -
several' Stats are scheduled for ' ,!

.the third -quarter. . V! ;

Trading results ' deteriorated.

- in Australia and Canada; - the/..;

■latter .bring affected , by bad ; i.
weather! with, the effects - of last J j --Vr.*?-'
year’s. rate incfease'elill.to come:-'. ^
through, -The';Bepdblic of Tre-;- -
land- was baffiy ■ hit by weather: -

; - ' A- £%$

, V ; : ■ ■i’--S 3 E s

ALTHOUGH the cement
industry, like the construction
industry which it serves, is far
from through its troubles. Lord
Boyd-Carpenter, the chairman
of Rugby Portland Cement, says
he can see “ gleams of light
ahead."

.In his annual report, he says
the company has never been
better prepared either to endure
storm or profit from sunshine. It
appears, he adds, that this view
is- shared by many investors.

As known, the group reported
an increase from £16.9m- to
£18.6m in pre-tax profits in 1981.
Lord Boyd-Carpenter says that
since the weather improved,
demand has improved with it

There was a “ very substantial
decline m the demand for
cement during the year under
review and this led to a pro-
gressive redaction in utilisation
of the old kilns at Rugby works.

He says the group has now
come to the stage where it is no
longer economic to continue
producing from these kilns and
it is proposed to dose them
down, together with their
anciltiary plant Production
will continue at Rugby works
from the newest kiln. .

At the year-end, the balance
sheet shows shareholders’ funds
up from £79 .3m to ' . £9 3.49m.
Fixed assets were higher at
£J 19.63m (£110.73m), and bank
balances improved from £22.55m

to £27.61 m. The directors have
authorised capital expenditure
of £4.6m (£9.3m), for which coo-
tracts have been placed amount-
ing to. £2.4m (£l.lm).

.Meeting: Rugby, June 4.

M. J. H. Nightingale & Co. Limited

27/28 Lovar Uhe London EC3R 8EB .. - Telephone 01-621 1212

T88I-S2

High Low' -Company*'

130 100 Ass! Bril. Ind. CULS...

75 82 Airapruftg. ......

51 33 Armltage & Rhodes

205 187 Bardon -HMl

107 100 CC L 10.7pc Conw. Pref.
2S0 2*0 Crndico Group

104 61 Deborah Sendees

131 97 Frank Horaeli

83 39 Frederick Parker

78 46 George Bleir

102 93 Ind. Precision Castings

108 100 Isis Conv. Pre»

113 .94. Jsckson Group

130 108 Jamea Burrough

334 238 Robert Jenkins '..

65 51 -Scrurtons ”A”

222 159 Torday & Carlisle

15 10 Twinlock Ord

80 66 Twinlock J5pc ULS

44 25 Unilock Holdings

103 73 Walter Alexander

283 212 W. s. Y eatas

Prices now available

; Gross Yield Fully
Price Change ;dl*r_lpj. % Actual taxed

tflv^p) , %
100 7.8

4.7 6.4
4.3 10.0

9.7 4-8

6.4 11.6
10.0 3.6

9.7 4.8

15.7 14.8

5.0 .11 J5
8^ 3.9

7.3 7.4

15.7 14.5

31.3 13.2
53 ’ '8.2
10.7 6.7

15.0 1S.8
3P 12.0
6.4 8.0

14^ 6.3

8.2 10.4

3.3 8.4

6.0 12.1

on Prestel page 48146.

This announcement appears as a matter of record only

t -.V ' 4^0 id- •• J

mm

i

•• 77;. 7. ^ _ ..

Woodhouse
& Rixson

SUMMARY OF GROUP |

RESULTS

1981

1980

Turnover

Profitbefore

£777.8iii

£755.1m

1

taxation

£ 4L7m

£ 4fi.6m

Earnings

Earnings

£ 2L7m

£ 24.0m

1

per share
Dividends

26J9p

29^p

L

per share

9Sp

9.0p

. Despite the recession continu-

ing unabated in 1981, we succeeded
in remaining competitive world-
wide, although our profitability
was inevitably reduced.

In the difficult times which we
have experienced recentlylhave
been heartened by the resilience
which our employees at all levels
have shown in the face of the
difficulties which confront them.

Our aim Is to achieve real
growth in order to remain profit-
able and competitive.'WIth the
spirit of determination and the
will to succeed within the RMC'
Group, with our wide geographi-
cal spread of operations and our
strong cash flow, we shall be there
to seize the opportunities which
will arise when better times
return.

John Camden, chairman

The Annual General Meeting will be held at

The Carlton Tower Hotel, CadoganPlace,London,SWl on Friday 28 th May 1982 at 3130 am.

If you would tikea copy of ihe 1981 Annual Report please write to
The Secretary RMC Group p.La, RMC House^Feltham, Middlesex TW13 4HA.

RMC Group pic,

RMC House, High Street, Felthanu MiddlesexTWB 4HA.

>v*;^L:^>-‘ 7 r' :1 6pefatihJi interiiationallv in Austria,. Belgium; •FcancK-Hon^-Kone. Israel.

.'Republic of Ireland-. Spain. Irinidad, United Kingdom; USA and West Germane:

FIRST-QUARTER results for
Woodhouse and Rixson (Hold-
ings), forgemaster, were “ much
better Chou have been achieved
for a number of 3’ears." Mr G. S.
Baker, chairman, told the annual
meeting, demonstrating the
benefits from current policies.

Although the company was off
to a good start, he sard, it -would
be imprudent ro conclude that
the first quarter’s results were
indicative of the full year out-
turn as there was still little
evidence of any real underlying
increase in activity in many of
the company’s operations.

The directors intend in the
current year to return to the pre-
vious policy of paying dividends
in two approximately equal parts.

ROCKWARE GROUP (menufacturer al
'glass and plastic containers)— Results
lor 1981 reported en March 25 1982.
SharaholdBrs 'funds £49. 42m (£56. 56m),
luted assets £59.43m (E65.68m),- net
current assets £l9.S6m {£2 4.)9m). net
inflow from operations E5 97m {E7.86m
outflow). Compensation to former
' dimeters for loss of office M 03,000
(nil). Sines the year-end, group has
disposed of its interest in Roekwara
Pfastfcs (Australia) Pty at. 8 value
approximately equal to original cost.
Msetinq. Winchester House. 100 Old
Braad Street. EC. May 26. at 3 pm.

THE THING HALL
USM INDEX-
120^ (-2.7)

Close of business 5/3/82 .
BASE DATE 10/11/80 100
Tel: 01-638 1591

LADBROKE INDEX

Close . 571-576 (-11)

GREATER LONDON COUNCIL

£16,000,000

Medium term loan

Lead managed^ by'

Samuel Montagu & Co. Limited
Manufacturers Hanover Limited

Co-mana.ged by

Midland Bank PLC

Morgan Guaranty Trust Company of New York
National Westminster Bank Group
The Chuo Trust and Banking Company Limited
The National Bank of New Zealand .Limited

Provided by- -

Banque de Paris et des Pays-Bas (London) . .
The Chuo Trust and Banking Company Limited
Credit du Nord (London! Midland Sank PLC-
Samuel Montagu & Co. Limited
Morgan Guaranty Trust Company of New York
The National Bank of New Zealand ..Limited
National Westminster Bank PLC

Agent Bank

Samuel Montagu. & Co. Limited

. 'Introduced by .
Fulton Packshaw Limited

April 1982

27

' T* ; . .

^ a.

- :n r£
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• ln * -ffKjV

s s? i-e:

DOULTON - MINTON CHINA • ROYAL DOULTON Ch.
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RESULTS

^RIFICE MEASUREMENT DEVICES PISTACHIOS * AL <^,V

^^ATOES - LETTUCE • OIL AND GAS PROPERTIES - L ^

FOR 1981

LAZARD BROTHERS • BANKING • SHORT & MEDIU,^ ^ C C

D EURO-CURRENCY LOAN FACILITIES * EXPORT ^3$^

3Y RAISING • ACQUISITIONS - DISPOSALS - MERGE ^

Kn SX">

FINANCIAL ADVICE • INVESTMENT MANAGEMENT

EMPT FUND THE LAZARD INTERNATIONAL BOND ^ ^ ^

THE LAZARD FAR EASTERN EXEMPT FUND • THE L W
kES - THE LAZARD PROPERTY UNIT TRUST THE LAC^yS
^IS STERLING RESERVE FOND • CHATEAU LATOUR \
.OIL AND GAS EXPLORATION - WHITEHALL PETROu

a. Liftit'j

V*UI

“The striking feature of our results for 1981 is the impressive performance
of a number of group companies in the second half of the yean This raised
attributable group profits before tax, which at the half year showed
virtually no improvement, to a materially higher level for the year as a
whole, £43.3 million compared with £36.7 million in 3980. In fact, in
terms of money of the day, these represent record profits though my
colleagues and I are well aware of the need to takcaccoimt oi inflation*
This was achieved despite the complete failure of any recovery in
economic activity to materialise during the latter months of 1981 either in
the United Kingdom, or indeed in the United States, our major market
overseas. Seasonal factors were stronger this year and sales achieved in the
closing months of the year are critical for profitability. The tax charge is
much lower for the reason stated innate 5 to theaccounts.

We are recommending a final dividend which results in an effective
increase of 32 per cent in the total dividend for the year over the previous
year. This is justified not only by the increase in our pre-tax profits, in
both historic and current cost terms, in a very difficult year, but also by the
better control of working capital and cash consumption.

Our United States oil service subsidiary. Cameo, continued to enjoy the
surge of demand for its equipment engendered by the development of
new sources of hydro-carbons outside the OPEC countries and in
particular the growing number of deep oil and gas wells which make a
greater proportionate use of the sophisticated equipment it produces.
Otherwise none of our businesses that prospered in 3981 did so with any
help from the climate in which it was operating.

Both our book companies, Longman and Penguin, achieved highly
creditable results. Longman’s dominant position internationally in many
fields of professional publishing and English language teaching allowed it
to ride out the adverse conditions athomeand achieve profits roll in
excess of its previous peak. Penguin has shown a most imaginative
approach in its publishing programme and has begun to reap the fruitsof
its new management’s marketing and pricing policy. The improvement in
its results was also helped bya reduction in its interest burden but it
remains one of the most highly geared of our businesses. Lazards had
another good year.thanks in part to a further very strong increase in
earnings from corporate finance activities. Fairey, I am glad to say,
achieved something like the level of profitability expected at the timewe
bought it, and we are all delighted that FaireyMarine has just wona
Queen’s Award for export achievement.

There were, of course, some disappointments, perfiaps the most
conspicuous of which was the increased losses by Doulton Glass. Most of

the damage came from the home improvements side where the levdof

business continued to fall faster than the management aimapated. Yoo
mav have read that since the year end we have negotiated the sale of tins
budness to a company run by the former management, subject to approval
bv that company’s shareholders. We do not believe, on balanqe, that a
direct selling operation of this nature fits easily into agroup like oureand
its disposal should entail a return to profitability by Doulton Glass in the
funn? Royal Doulton Tableware had a diffiojlt ysarsnffm^m ^
narticular from the very severe recession in North America. Finally,
^^iosmrPress, far from showing the hoped-for recovery, reported its
wesnmns^rie^ Increased competition and persisting low

from industrial disputes.

Group profit before tax

=G59-5m

Made up as follows:

Pearson Longman

£21-2m

Doulton

£8-3m

Whitehall Trust
inc. Lazard Brothers

£15-0m

Midhurst (USA)

£16-4m

Madame Tiissaud’s

£l-8m

Other Interests

£4-8m

Head Office

Interest and expenses

(£8-0m)

Attributable profit before tax

£43-3m

Attributable profit after tax

£37-3m

Earnings per ordinary share

52-9p

Dividends per ordinary share

ll-2p

Turnover

£702-2m

S. PEARSON

&SON

To: theltegistrar (CAP 3/4), S. Pearson & Son pic,
IJaydsBankHCjRegisti^
Goring-by-SeajTOrthingj W Sussex BN126DA,

Please send mea copy of die 1981 Annual Report.
Name

Company

In the case of Blackwell Land we swung from feast to famine. A
combination of poor yields and lower prices produced a loss which one
must inevitably accept from time to time in an agricultural undertaking.

A number of new investments more than account for the increase in net
borrowing of £9.5 million. I referred in my statement last year to the
increase in our holding in Cedar Poinrto twenty-five per cent. We also
invested a further £3.2 million in Compressor Systems, largely by
subscribing for new shares, and increased our holding to 34.1 per cent.
This looks to be a most gratifying commitment given Compressor
Systems’ performance to date. The cost of the extra investment in
Compressor Systems was met by subsequent sales of half our holding of
Ashland Oil common shares.

Pearson Longman decided to extend its interests in television by taking a
twenty-five per cent stake in Yorkshire Television when Trident had to
divest itself of its controlling interest and there have been other smaller
investments to strengthen and extend our existing businesses.

I mentioned a year ago your board’s determination to control working
capital and cash consumption. Only £1.5 million cash was absorbed by
extra working capital, compared to £27 million in 1980, the good stock
control of Royal Doulton Tableware contributing notably to this
improvement. It will, however, require continued efforts throughout the
group to maintain this progress particularly as the requirements for
capital expenditure, so vital to maintain our competitive position, are
likely to become more numerous as prospects begin to look brighter.

The best method of maintaining the improvement in cash flow will, of
course, be to continue to improve profitability. Last year our current cost
operating profits as a percentage of average capital employed went up
from 4.1 per centto 7.1 per cent. This is a step in the right direction, but
there is still along way to go, and securing a better return on our assets
remains your board’s prindpalpreoccupation.

There is no doubt that the consequence of the severe economic recession
in the United Kingdom, and indeed throughout most of the developed
economies of the West, has been to accelerate rationalisation and measures
to reduce costs. This is a painful process but real rewards will follow if the
restoration of growth is not long delayed. We all hope that 1982 will see
some signs of such a resurgence. However, we have not based our planning
for the currenr year on any material improvement in the level of demand
for those of our businesses operating within the United Kingdom. The
contribution of our employees .to the fortunes of the group in these
difficult times is particularly appreciated.

Enclosed with the report and accounts is a circular on two proposed
schemes which will be put to shareholders for their approval at a specially
convened meeting immediately after the annual general meeting. Both
schemes provide an additional incentive for our employees. The schemes
are fully explained in the circular and I would just like to repeat the
recommendation of my colleagues and myself that we believe their
introduction to be in the best interest of the. company as a whole and of all
its shareholders.”

Lord Gibson
Chairman

- j

Address

23

Highlights of the 1981 Annual Report and
Statement of the Chairman r, Mr. E. n. Boot

Final dividend ol 1 0p per Ordinary share recommended making a
total of 1 3p.

Management re-organisation completed.

TRADING - UNITED KINGDOM Building -profitability
increased - Henry Boot Scotland Limited incorporated to more
clearly identify over 50 years of building activity in Scotland ; Civil
Engineering — turnover down— profits satisfactory despite lowest

output in this industry since 1964: Homes- poor 1981 but .
improving : Railway Engineering —inadequate home workload but
overseas markets more buoyant : Foundry-movecompleted :

Joinery— turnover increased— profits maintained; Plant— basically

1 973 hire rates remain totally inadequate.

TRADING -/A/rf/MM TIONAL Hong Kong -operations
continue to flourish: Malaysia- prospectsin longarterm
optimistic.

P R 0 P E RTY AN D I N VES TIM ENT Satisfactory.

G ENERAL 1 982 viewed with quiet confidence despite continuing

SALIENT FIGURES

1981

1980

£'000

£’000

Turnover

82,472

91,536

Profit bef o re taxa rfon

7,8 85

1.704

Taxation credit

(86)

(1-.707)

Profit aftertaxation

1,971

3,411

Minority share of loss of subsidiary

company

12

" ^

Profit attributable to members

1,983

3,411

Ordinary dividends

690

690

Earnings per 50p Ordinary share,
excluding prior year taxation

adjustments

27.5p

27.6p

Total dividend per Ordinary share

13p

13p

I* op J £5 Oi Uie nepun ana nut uuiantawts nuin uic ^cbicttn

Henry Boot & Sons PLC, Banner Cross Hall, Sheffield, S1 1 9PD

TRADING - UNITED KINGDOM
Building, Civil Engineering, Homes, Railway
Engineering, Foundry, Joinery, Plant
TRAD I N G - INTERNA TIONAL
Civil Engineering, Railway Engineering,
Landscaping

PROPERTY AND INVESTMENT
Development, Property. Mortgage Finance

Conpaaics asil Market* BIDS AND DEALS

Cook to buy BMCT stake in NCC

BY RAY MAUGHAN

THE -RECEIVERS of Blriuing-
ham & Midland Counties Trust,
the private investment dealing
company controlled by Mr
Graham Ferguson Lacey and Mr
Cecil McBride, have found a
buyer for the company's prin-
cipal asset, a 36.2 per cent stake
in Mr Lacey's troubled explora-
tion group, NCC Energy, at a
price which will let an American
company in for what amounts
lo a rescue bid at JE9.25m.

The holding in NCC is to be
acquired by Cook International,
a quoted group which once had.
extensive interests in grain
trading and is nnw best known
for its involvement in pest
control and insurance broking.

group, had become urgently
obvious.

Cook is picking up the
receiver's holding for 25p per
share. This compares with a
peak of 112p per share earlier
this year and a suspension price
of 35p pec share. NCC’s quote
was frozen at the beginning of
last week when its difficulties in
effecting a mercer with Simpli-
city Pattern, the cash-rich U.S.

The deal with Cook had been
agreed in outline at the end of
last week but it then became
apparent that NCC had incurred
hitherto unrevcaled liabilities
in financing its 20 per cent stake
in Simplicity. Ir is now under-
stood that Banque Bruxelles
Lambert and . "Marine Midland
were together owed about 535tn
in thic connection.

Cook had acquired a stake of
11 per cent in NCC at the turn-
of the year and is now required
to make an offer for the out-
standing shares:at a price, of 25p
per share. The Takeover Panel
was consulted before Cook
opened its negotiations at a sub-
stantial discount to the suspen-
sion price and the Panel allowed
the bid to go forward in the
light of NCC’s V special circum-
stances.' 1 ‘

Mr Lacey and Ms long-time
associate Mr McBride left the
NCC board on Tuesday and Mr
Ned Cook, head of Cook Inter-
national, has taken over as

chairman. .Other Cook appoint-
ment? to the NCC . hoard are
Mr E. Patry. Mr J. McLeary and
Mr P. 'Hiarapsorr. NCXTs finance
director, Mr AJan Dodd, ■.will'
stay on as an executive.

The new board said yesterday
that it “intends to put in hand
immediately a thorough review
of the business activities, assets
and liabilities of the company,
including an independent
accountant's report"

Cook acquired P.4 per cent of
NCC last December by way of
a put option against Mr Lacey
and Mr McBride at a price of
lOOp per NCC share.

Conk has exercised this option
but ' it lias not yet been com-
pleted by the other parties and
Cook may take legal action to
ensure that the coolrart is closed.

NCC’s stake in Simplicity,
which even at Tecent depressed
price levels is worth more than
Cook's price for NCC, is expected
to he sold quickly. Among the
prospective buyers are Mr Victor
Posner's South Eastern Public
Services, which sold NCC much

of its original Simplicity holding
a year ago.-

Another candidate is Mr Carl
Icaim. who blocked NCC’s in-
tended merger by subsequently
buying a 13.3 pec cent in Simpli-
city. air Alan .Bond, head of
the fast-expanding Australian
mineral resources -group. Bond
Corporation, later acquired that-
holding and committed its back-
ing to NCC. but has recently'
dropped aH -dealings with Mr
Lacey.

The receivers were appointed
last week, by Northern Bank
Development Corporation, a sub-
sidiary of Midland Bank, which
has lent BMCT an estimated
£10m secured on the value of
its bolding in NCC. Cook's offer
is “ believed by Northern Bank
to provide the best protection
cf the interest of NCC and the
other shareholders."

Cook's offer will lapse on a
reference to the Monopolies Com-
mission but it will be renewed
“if the Government decides that
the acquisition may proceed.” .

See Lex

Charterhall buys 70%
of Radial Resources

Sketchley paying £7.2m
for U.S. linen hire group

Oiaterhall. the natural re-
sources investment holding cam-,
pany, has agreed to buy 70 per
rent of Radial Resources, a
Calgary, Alberta-based oil and
gas exploration company in a
deal worth CS452.0OO (£207,5051
and to inject further cash into
the company.

The acquisition is conditional
upon ' the approval of the
Canadian Foreign Investment
Review Agency, but Charterhall
helieves that this will be forth-
coming.

Charterhall is acquiring
l ,413.785 Radial shares at ah

_/j.. . . .

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/ Geite rtt f/

I

Accident

r

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- ..iViv.-t*'.

■ ' • •' .■ ■ * |„ •■•«•••••># -vC C.'I.' .'A/l. tat* 1 .A'

THREE-MONTHS' RESULTS

unBnliuiidffinihrtf^iftfwi “^hirhi 4 V - *•’ . .f.V; wnAO 1 ' < v . * . .*•» *. 'A.

Interim Statement

The results fnr the three months ended 31st March 19S2, estimated
and subject to audit, are compared below with those for the
similar period in 19S1, which are restated at 31st December 19S1
rates of exchange; also shown are the actual results for the full
year 19S1.

3 Months
to 31.3.52
.Estimate
£ Millions

3 Months Actual

to 31.3.S1 . Year

Estimate . 1981

£ Millions £ Millions

Net written premiums—

General Business

Investment Income

Underwriting Results —

General Business

Long Term Insurance Profits

Loan Interest and Employee Profit
5haring Scheme

Profit (Loss i before Tax and
Minority Interests

Taxation

Minority interests and Preference
Dividend

Net Profit iLnss) attributable
to Shareholders

Principal exchange rates used in
converting overseas results:

u.s. a :

Canada

(54.1)

1.1

(15.7)

0.9

152.9)

4.2

(10.7)

0.4

20.1

0.S

108.2

3.3

( 11 . 1 )

(9.8)

19.3

6.0

104.9

31.7

0.2

0.S

1.3

< 1-3)

13.0

71.9

$1.78

$2.19

S1.91

$2.27

81.91

$2.27

It must be emphasised that the results for the interim .period do
not necessarily provide a reliable indication of those for the full
year.

Net written premiums and investment income increased in sterling
terms by 10.4% and 21.2% respectively. Adjusted to exclude
the effects of currency fluctuations the increases were 7 7% and
17.7% respectively.

The deterioration in underlying underwriting experience at home
and overseas continued into 1982, but the first quarter result has
also borne the impact of the worst weather losses ever experienced
by tiie Corporation. For the U.K. alone, these are estimated at
£20m.

In the United Kingdom, net written premiums were £1 13.4m
(19S1 £107.6m) and there was an underwriting loss (including
weather losses) of £27.7m I1981.£2.4m loss). The weather losses
impacted most severely on the Homeowners’, Motor and Traders’
accounts where the total underwriting losses were £10.2m, £7.2m
and £6.2m respectively. The Industrial Fire account; suffering
intense competition on rates and an increase in national fire
wastage, also produced a loss of £2.Sm.

In the United States, net written premiums were $>lS1.3ra (T981
$177.7rn), with an operating ratio of 111.04% as compared with
106.32% for the same period last year. On the United Kingdom,
basis, the underwriting loss amounted to £11.6m (1981 £6.Sm
loss). All major lines produced losses with the Automobile .
account showing, a substantial deterioration.

Elsewhere. Canada and Australia “both produced increased under-
writing losses and the Republic of Ireland suffered severely from
weather losses.

5th May, 19S2

General Accident Fixe & Life Assurance Corporation pic.

World Headquarters. GeneralBuildings, Perth, Scotland

average price of 32 cents. It
also intends to. inject further
funds into Radial to build up
the company's business.

Charlerbali is particularly
keen to develop Radial’s listed
company status on the Alberta
and British Cnloumhia stock
markets and also to take advan-
tage' of a Canadian company's
position in future undertakings.

The Canadian, government's
energy policy gives significant
advantages to Canadian pwned
companies, although Charterhall
says it is unlikely to reduce its
holding below 50 per cent.

Mr Derek Williams, the Char-
terhall chairman and chief
executive, said yesterday that
acquisition would make avail-
able to the company an estab-
lished Canadian office and
management team.

Radial was established in
1974 and has assets in Alberta
and British Columbia. The
erentual aim is to merge Radial
with Charterhall's Canadian
subsidiary.

WITHIN a week of conceding
defeat in another U.S. takeover
battle. Sketchley has announced
agreement in principle on a
$l3m (£7.2ra) cash acquisition
of Rentex Services, a U.S. linen .
rentals business.

Rentes is very much smaller
than Means Incorporated, the
Chicago-based company . for
which. Sketchley bid $40fim.
(£22ra) jo February only to see
itself outbid by AKA Services.
But Sketchley stressed yesterday
that Rentes inched “a company
with first class expertise ” which
could provide a piatFnrm fnr
further growth in the U.S.
market.

It U quoted on the Over-The-
Counter market tn the U.S.
though only about one-quarter
of !1s equity is freely traded, the
rest being closely held by mem-
bers of . the founding Gitlow
family

While the board has agreed
the Sketchley takeover, it has
also heen accepted in princiole
by four members of the Gitlow

BASE LENDING RATES

’ A.BJV.: Bank 13 %

Allied Irish Bank 13 %

American Express Bk. 15 %

Amro Bank 13 %

Henry Ansbacher 13 %

Arbuthnot Latham 13 %

Associates* Cap. Corp. 13 %

Banco de Bilbao 13 %

ECCI 13 %

Bank Hapoatim BM ... 13 %
Bank Leutni (UK) pic 13 %

Bank or Cyprus 13 %

Bank Street Sec. Ltd. 14 %
Bank of N.S.W. ... ..... 13 %
Banque Beige Ltd. ... 13 %
Banque du Rhone et de

la Tamise S.A. 131%

Barclays Bank 13 %

Beneficial Trust Ltd. .. H %
Bremar Holdings Ltd. 14 %
Brit Bank of Mid. East 13 %

■ Brown Shipley 13 %

Canada Ferm’t Trust... 13*%
Castle Court Trust Ltd. 13*%
Cavendish GYy T'st Ltd. 14 %

Cayzer Ltd 13 %

Cedar Holdings 13 %

■ Charterhouse Japhet. 15%

Chaulartons 13*%

Citibank Savings SJ2i%

Clydesdale Bank 13 %

C. E. Coates 14 %

Consolidated Credits... 13 %
Co-operative Bank . ...M3 %

Corinthian Secs 13 %

The Cyprus Popular Bk. 13 %

Duncan Lawrie 15 %

Eagil Trust 15 %

E.T. Trust 13 %

Exeter Trust Ltd 14 %

First Nat. Fin. Corp—- 151%
First Nat. Secs. Ltd— 15 j%
Robert Fraser 14 %

Orindlays Bank *13 •»*

■ Guinness Mahon 13 %

■ Hamhros Bank 13 %

Heritable & Gen. Trust 13 %

■ Hiil Samuel §13 %

C. Hoars & Co tl3 %

Hongkong & Shanghai 13 %
Kiogsnorih Trust Ltd. 14 %
Knowsley & Co. Ltd: -I-.. -.13$%

Lloyds Bank 13 %

Mallinhall Limited — 13 %
Edward Mansou & Co. 14 %
Midland Bank 13 %

■ Samuel Montagu 13 %

■ Morgan Grenfell 13 %

Naiional Westminster 13 %
Norw ich General Trust 13 %

P. S. Refson & Co L3 %

Koxburqhe Guarantee 13§%

E. S. Schwab 13 %

Slavenhure's Bank ... 13 %
Siandard Chartered .

Trade Dev. Bank 13 %

Trustee Savings Bank 13 %

TCP Ltd 13 %

Hnired Rank of Kuwait 13 %
Whitpaway Laidlaw . . 134%

Williams * Glyn's 13 %

Wrniriist Secs. Ltd ... 13 %
Yorkshire Bank 13 %

■ nl the Accenting Houmb
C ommittee.

• 7-clav rfeonaUj, 10%. 1 -month

10.237. . Short term £8.000/12
month 12 S%.

t 7-dav deposits on sum? ol: under
ClO.OOn 10V/.. £10.000 up to

ermnoa 11%, £50.000 and over
HV*.

I Call deposits n.000 and over
10"S.

H 21-tlay rlepraire over £1.000 11V*-

} Demand depofim 10%%

I Mortgage base rale.

EUROPEAN OPTIONS EXCHANGE

So rise

May

Vol. Last

Aug.

Vol. Last

Nov.

Vol. Last l Stock

GOLD G

$300:

- 4

• CO 1

—

1 ’ —

GOLD C

SSBO

41

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GOLD C

S435.

79

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GOLD P

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GOLD P

S550

—

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77

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25 E

GOLD P

S375i

20

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12*4 NL 81 87-Bl

C

F. 107 .60

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iF.115.70

C

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Oct.

85

1

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90

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TOTAL VOLUME IN
A= Asked

8 1 4 j

CONTRACTS;

- - B=Btd

- i

4732

mu

— i

wS3b

family who control 58 per cent
of the ordinary shares. . .

Rentex. is based in New Jersey
and operates in six states of the
U.S. It earned •- £L2m on
revenues of S3S.7m in the year
io last November.' Shareholders 1
funds then- amounted to 512.6m.

Until last. Monday, the com-
pany appeared to be heading for.
a very different future. Mr
Bernard Gitlow, Rentex*s presi-
dent. and Mr Herman Gitlow, its
chairman. . were Intending to
participate with a group of
private investors in a leveraged
management buy-out. of the
company’s assets. These would
have been hived down into
another company for the pur-
pose, leaving Rentex’s other
shareholders in possession of a
closed investment company. •

Mr Gerald Wightman, . Sketch-
lev’s chairman, said simply that
the new deal “looked a better
one" to the Rentex hoard and
he exuected final completion
verv shortly.

The Gitlow family would re-
tain tV ie management of Rentex.
■saM Mr Wiahtman, whose board
h’s been advised by Morgan
Grenfell in London and New
York.

Sketchley is already planning
two further minor U.Si
aenuisitions in the linen rental
business which will be based
upon Rentes. More particularly
♦he UK company will he look-
in? to Rentex for expertise with
whleh to develon its hospital
f. linen rentals business in this
murttry as well as the U.S.
Hosnitals at present account for
about 35 per cent of Renters
total customer base.

‘Significant
advantages’ in
Pearson merger

INDEPENDENT di rectors of
Pearson Longman, the publish-
ing group whose.- interests
include the Financial Times,
have told shareholders that
there are “significant advan-
tages " if the company merges
fuliy with S. Pearson & Son. ■

Last month S. Pearson, whose
activities range from banking
to industrial and leisure
Interests, made an offer worth
£52m for the publicly held
minority interest of 36.4 per
cent in the . group's separately
quoted subsidiary, Pearson
Longman.

In the offer document the
independent directors of Pear-
son Longman, who are not also
directors of S. Pearson or
associated with the Pearson
family, say that they . have
decided to recommend' share-
holders to accept' the offer.

Since it first obtained a listing
on Lite Stock Exchange in 1967
Pearson Longman has operated
as a subsidiary of S. Pearson.
“ It has long been felt, however,
that significant advantages to
both sets of shareholders would
accrue from a full merger of
the two companies,’' -say the
directors.

The merger would remove the
inherent limitations and difficul-
ties when two separately listed
companies with different sets of
shareholders form part of the
Same group. It would also give
greater freedom to make the
beet use of financial resources in
a tax efficient manner within
a single expanded organi-.
tion."

Both boards - also believed
that, on appropriate terms,
Pearson Longman holders would
benefit by exchanging- their
shares for an Interest in a more
broadly based and less cyclical
range of businesses while retain-
ing a major stake in the publish-
ing sector.

The offer is 22 Pearson shares
for every IS existing Pearson
Longman shares, together with
full cash alternative, 'rite
recommendation of the offer
takes account of the price
offered, the availability of a full
cash alternative, the relative
trading performances of Pearson
and Pearson Longman in recent
years, the prospects for both
companies, and the commercial
arguments in favour of a merger
with Pearsons,

Financial Times Thuraday Hay : 6 1982

LONDON TRADED OPTIONS

Mays, Tatar bdnteaota l,Se»"CaliB X.IS1 ^ Puta 4BT

*- juiy- : - _r - ./-Oct’ . '• { . -Jan.' '-I

nwvlM

offer

BP (Cl \

BP lei ;■

BP tffc .

BP (p).

BP ip) .
GUfa}

Cons. <SW tel
Ctkte. tel
Cttes. is) .
CUds. (e)
CUds. to)
GEC <e}
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6£C tpl -
CEC'llrf .
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Gr*d Met. fcV,
Gr*d Met.' ipH
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1C« (c)
id to.

ICI 1C) .

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Mfcs & Sp. (s)|
Shell to
Shell (cl
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500V

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330

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420

--

70
'80-
90
800
850
800
■850
200
-220
180
- 200
820
-300-
350
360
300
350
350
860
120
12Q
390
480
360
300
480

48

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10

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Barclays (cl
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Barclay* to
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Imperial (c)
Imperial to
Imperial to
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imperial ip)
Lasmo (c)
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Lonrho ip)

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p era to
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Vaal Rlc. (el
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Vaal Rfs. (p)

-•'a

420 J
460
600.
460
• 80
90
100
80
lOO
500
550
360

May

60

70

80

UD

180

130

140

330

560

390

-420

390

460

390

460

600

480'

460"

49
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17

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15
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50

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80 iz
141»

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99

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27
19
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78
53

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153

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60 ; 1
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10 la
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0
80
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18

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84

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645

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'OlU-'

l V?

I -J‘

UK ECONOMIC INDICATORS

SHARE STAKES

Barton Group — Raymond M.
Burton, a director, Bdd 30,000
ordinary shares an April 29.
W. Michael Wood, a director,
bought 30,000 warrants on April
»).

Albert Fisher Group —
Following recent rights, issue
A. B. Millar, director, now holds
867,160 ordinary shares (14.45
ner cent) and P. C. Colling, a
director, 3J23S ordinary shares.
|Xh addition, P. D- Brown holds
U60 (11.66 per cent).

ECONOMIC ACTIVITY — Indices of industrial production,
facturing output (1975=100); engineering orders (1975=
retail sales volume (1978=100), retail sales value (1978=
registered unemployment- (excluding school leavers)
unfilled vacancies (OOOs). All seasonally adjusted.

■mann -
= 100 ); •
= 100 );
and

1981
1st qtr.
2nd qtr.
3rd qtr,
4th qtr.
Sept .
Oct
Nov
Dec

1982
1st qtr.
Jan
Feb
March
April

Indfl.

Mfg.

Eng.

Retail

Retail

Unem-

prod.

output

order

vol.

value*

ployed

99^

. 88.7

98

106.6

130.8

2,282

99.0

•"■88J

92

104.7

134-5

2,482

99.9

. 89.8

' 104

105.5

139.1

- 2,641

100j

89.9

88

105.4

168.5

2,752

100.4

90.5

- 87

103 JS

138.8

2,692

101.7

91.5

94r

1962

1472 .

2^23

100.1

904)

92

105.6

158.4

2,760

99.2

88.3

79

104.6

193 J.

2,769

..

2^18

99 JS

. : 88.4

107.0

143*

■2*12

9941

90.0

-

106.1

137.6

2,818

Vacs.

96
104

97
. 89
104
108

107 JO

2,823

2323

112

112

113

111

110

OUTPUT— -By market sector; consumer goods. Investment goods,
intermediate goods (materials and fuels); engineering output,
metal manufacture, textiles; leather and clothing. (1975=100);
housing starts (000s, monthly average).

Consumer

i*

1

Intmd.

Eng.

Metal

Textile House- -

1980
4th qtr.

1981

goods

goods

goods

output

mnfg.

etc.

starts*

94.2

9L7

1172

86.7

7L0

772

101

1st qtr.

' 93.5

88.4

117 2

84.2

75.7

76.7

109

2nd qtr.

93.1

S8-8

118.0

84.8

78.7

75.8

141

3rd qtr.

93.5

89.3

118.7

86-3

77.3

75.0

149

4th qtr.

93.5

90.1

121^ _

863

82.6

75.0

m

Aug

94.0

89.0

118.0

86.0

76.0

76.0

1 29

Sept

93.0

90.0

120.0 -

87.0

79 J)

75.0

15.4

Oct

95.0

.90.0

124.0

87J)

80.0

75.0

• 13.4

Nov

93.0

90.0

121.0

86.0

83.0

76D

. 141

Dec

1982

92j0

<r ,

90.0

119.0

86.0

79.0

74.0

7.7 -

Jan

9i:o'

91.0

moi

86.0

79*

73.0

1L1

Feb

92.0

92.0

119.0

88.0

84-0

74.0

• 149

EXTERNAL TRADE— Indices of export and import volume
(1975=100); visible balance; current balance (£m); oil balance
<£m); terms of trade (1975=100); exchange, reserves. . ; ‘
Export Import Visible Current Oil Terms Rhsv.
volume volume balance balance balance trade USSba*

i. '•

1980
4th qtr.

1981
2nd qtr.
4th qtr.
Feb -
March
April
Sept -
Oct
Nov
Dec

1982
Jan
Feb
March.
April

126.4 111.4 +1*265 +2,114 >222 105.2 2790

132.4

118^

129J8

132.4

134.4
130.6

126.4

107^

1024)

104.7

12S2

1222

136^

120.6

+552 +1,470
+334 +767

+698

+230

+ .58
+296
- 79
+335

+ 191
+602
+227

+291
+ 74
+205

+64T +419

26.73

99.8 * 2335

105.1 28.43
2831
2837

99.6 23,70

98.9 -2332

100.1 -. 2346.

100.4 2335

119-5 1234 —132 +348 +168 10L2

2337

1837

18.16

Trade figures for March-August 1981 not available because of
Civil Service dispute.

FINANCIAL— Money supply Ml and sterling M3, bank advances
in sterling to the private sector (three months’ growth at annual
rate); domestic credit expansion (£m); building societies* net
inflow; HP, new credit; all seasonally adjusted. Minimum
lending rate (end period).

Ml

M3

advances DCE

BS

HP

MUR

1981

1st qtr.

%

%

‘ %

fin

Inflow lending

• %

6.8

8.5

12.4

+1*98

1,081

1*884

12

2nd qtr.

23.1 .

172

69

+4*59

U03

1,936 .

32

3rd qtr.

8.1

181

29.7

+5*39

868

2,019

'• • “

4th qtr.

+2173

422

1.980

12 : : :

June

-21.9

179

S.6

+ 1,164

371

674

July

U2

179

19.8

+2J540

290

6S8

12

Aug . •

0^

14.5

35A

+L240

244

659

—

Sept .

9.7

.22.8.

. 341

+2,458

334

706

Oct

- 4.7

209

24.0

+ L5S2

154

- 681

—

Nov

716

179

20.4

+ 445

65

-■ 642

— ■

Dec

+ 176

203

657

—

1982

Jan .

+1,335

356

654

Feb

+ 846

347

691

INFLATION— Indices }‘.pL. ; earnings (Jan • 1976=100); bade
materials and fuels, wholesale prices of manufactured products
(1975=100); retail prices anff food: prices (1974=100); FT
commodity index (July 1952=100); trade weighted value of
sterling (1975=100).

1981
1st qtr.
2nd qtr.
3rd qtr.
4tb qtr.
Oct
Nov
Dec
1982.
1st Qtr, .
Jan '
Feb
March
April \-

Earo- Basic Whsale. FT*

Inga* mails.* nmfg.* . RPJ* Foods* comdty- Strig-

195.3 213^ 212.3

202JJ 225.8 219.4

209J 235 J9 224.1

214.6 237.3 22 92

21 22 238J2 227.8

214*3 236J9 229 A

2171 '236B 230.4

28QA -268.7
2S4j9 277.0

26L56 m
2454)7 97J

299.1

305-5

303.7

3064)

308^

278JI 2G4L83

285.5 24RJ7 «- 7

259J2

282.7

285fi

882

245.79 9f*l

288^ 2484)7 9W

214. L
216.8

mO - 234.4

238.9 232^

239.9 2344)

33 LS

310.6

310.7

23541 235.6 - -313A

297.7 242.40

296.1 mSt SLJ
297i . 24L77 M5
29 9* 242.40-

24684. Oft®

\

A V

'Not seasonally adjusted.

4 \

fcl

av

^Tio

“V*

’ _^. { 'Ttoes! TJhijjrsclay' May 6 1982

29

er

5*

£6

5q

*4

3

ia

ift

i»e

S5

22

«s

-Q

18

28

50

30

1%

23

52

Jc

a

'. • ■> f-

I

awtf Martete

UK COMPANY NEWS

19 ,

12 1

I

helps Cowie

1 V

o5

£4

:*..

:o.-'

&

so

ec

o;

<..

5 :"

'S'

50

2<

* ^

I ®V
1 .

- *t
1

1

^'l

SJ

44

: *«r

ICATOl

■--a:*

4 iw£

i. ■ji'.

*.:!,.< j2*>

:";M

'.M *•

I : .' <
.t:.»
. '' £ n

:. J ; i

I5T.

13:

I«!

*>

■ill'

:.*!•

l»n

JJt

:.£

t-~ j.^r-rr.*.'

i*;.

% il
■ - if

:s

i‘ ,?

;}i

1r'

r ;S

?

■ .* r*‘

H ' ■

’>. * il?-.

*•“ *’

MOTOR VEHICLE dealer T.
Cowie reports a pre-la* profit or
■ £311,000 for the half year to
; March 31 IB82, after’ losing
£195.000 in' the same period a
year curlier. This came after in-
terest charges of £906,000,
agamsi. • £I.Tm, hut included
associated . company profits • of
£269,000, up frooi £164.000.

Turnover was unchanged at
£44m as was tax ar £81,000. .

The interim dividend is baing
held at Q.8p per share. The pre-
vious total of J.6p was paid from
a precis - profit nf £33L00Q for
the year. Midway earnings per
5p share are given as 1.15p,
against a 3.0Sp lass.

The directors: fi»\- that, while
conditions are still difficult, tty
group is reaping the benefits of
rationalising operations last year.
If seasonal factors help to
produce better second-haH re-
turns. as usual, significant li-
beller annual figures for the
current year are expected,

They say margins in the motor
division are stiti under extreme
presure. bui. reorganisation -has
hronglu better performance. The
coach and travel division has had
a dramatic tumround and shows
every -indication of being profit-
able for the full year..

In the finance division, joint
venture operations with Forward
Trust are improving their con-
tributions. The agriculture
division is breaking even and
could make a profit in the second
half.

• comment

No wonder Tom Cowie is smil-
ing. Sunderland Football Club,
where he is also chairman, has
fought -back from, the precipice
of relegation arid Cowie Group,
the motor distributor he created,
has driven out of be red. Ail
Sunderland seemed to need was
one new player, Cowie Group
took a little more effort. The
Ewer acquisition and Eastern
Tractor, Ewer's purchase at the
time of Cowie's bid which
caused so much mud slinging,
have been cleaned up. Much of
(he £100,000 improvement to a
£262,000 profit from the motor
division is thanks to loss elimina-
tion, in particular the closure of
Ewer's Ipswich site. Easier: i
Tractor has been dramatically
pruned and though etill losing
a lot of money the second half
should be in the black. Vet the
really impressive figure is the
£250.000 reduction in Grey
Green coach losses. The BK
strike helped the poor seasonal
half but that is only part of the
story. Full year profits will now
be in Ike £lim to £lfm range —
a fully taxed p/e of under 10 at
32* p — and the dividend may
come in for some restoration
work. Meantime. Ewer has nut
soured Cowie's acquisitive ambi-
tions. Other purchases are under
consideration. But with 100 per
cent capital gearing Cowie is not
going to be too free with iLs
cheque book. Though it does have
£1.7m of property up for sale.

at £0.9m after
good second six months

i .

SECOND-HALF- taxable profits
of Millells Leisure Shops
advanced from last time's
£534,000 to £819,000 and lifted
the total for the year to
February 1 last to £915,000, com-
pared with £840,000.

The full year result included
a £5SS.OOO (£235,000) surplus on
the sale of properties because of
resiting of shops, and a lower
share of associate losses, down
from £36,000 to £20,000. How-
ever, depreciation was higher at
£513,000 (£436.000) and interest -
charges took more at £559,000
; (£412,000).

Turnover of this leisurewear
“ retailer improved from £16.B4m
-• to £17.74m. . .

- Mr Alan Mi 1 let t. the chairman*
points out that the normal

• pattem'of the group's trading is
■ for a major portion of the' year's
, profit to be made in the second
; six months. This, pattern, he
; says, ‘‘looks sct.ttf continue-" ~

* He adds that trading In the
. current year will again be com-

petitrve but he believes the
group is strong and in a position
to take full advantage of any
trading opportunity and is also
ready for an upturn . in the
economy when it arrives. •

Earnings per 20p share . are
."given as 10.7p (16.2p) but a
saroe-again final dividend of 4p
holds the net total at 6.95p.

Tax took £361.000 - ( £1.000
; credit) and after dividend pay-
ments of £312,000 (£361,000) the
retained balance emerged at
; £242,000 (£542,000 including an
i extraordinary credit of £62,000).

•’ Reviewing the 12 months the
: chairman says the cycle of the
^ group's capital .expansion pro-

- gramme was substantially com-
pleted during the year. New’
shops were opened or resited in

Plymouth. Lancaster. Jersey
Walsall and Cardiff.

In Scotland it was decided to
close an unprofitable unit at
Kirkcaldy,

Over the year the group con
centrated on exercising stringent
cost control at all levels , and
this policy is continuing.

• comment

From a £171,000 trading loss at
the interim stage, HUletts has
managed to pull itself into the
black with the aid of a reason
able Christmas season. The
company says the bulk of last
year’s profits were earned at the
Yuletide season and this
seasonal dement in profitability
is likely to remain as long as
consumer spending remains de-
pressed. Borrowings went up
slightly, in the year, but the
balance ' sheet ' is not badly
stretched. With little sign of
brightening tradipg conditions
the property element is likely, to
remain the major element in
Millett's pre-tax profits. The
shares gained 5p in a weak
market and at lQOp, the main-
tained- dividend gives a yield of
more- than 10 percent.

1928 INVESTMENT
TRUST ADVANCES

Gross revenue of the Nineteon
Twenty-Eight Investment Trust
advanced from £3.0 1m to £3.29ra
for the year to March 31 1982
and at the pre-tax level profits
emerged at £2. 97m, compared
with £2.61m the previous year.

Earnings per 25p share were
4.92p (4_62p) and a final dividend
of 2.7-5J f*4p) lifts the net total
to 4.75p (4.4p). Net asset value
per share improved to 117.3p
(1I3.4P).

UK ECONOMIC PROSPECT
QUARTER!?

; *£*='■ **\ Anew authoritative and analytical
S > monitoring service on the UK economy

The HU is introducing a new quarterly puNica ban to mwidc, in alternate
issues, three and five year economic forecasts with fall commentary and
analysis of the fundameS«ba«£teistks of the UK economy. There is also an
overview on world economic developments.

- ared bv the EIU's Economic Assessment Department, whose wort, has
„ an enviable and ever increasing reputation and stat ure, tne n ew
atkm wjH serve as an important tool fo r the rmingproasse s or
!SS enterprises and a wide range of other OiganiKrtfons ana will provide

Each jssne will contain
forecasts

ihe form of detailed tabhs (over 30) coverings
Cutout and Expericfiture Components of GPB

*.wiiictivity atm Emp
Inflation arid Incomes
Balance of Payments ■ •

Public finance and Monetsiy OmoiwBis

^Vodd Economic Variables.

economy.

Two a ? rt3de i e jpedal arfides wiH be ly: Proferaw Rrtrick Min ford-

S^the edifc^S^Ec^^

between wag
Iheseconc

^a. review i

ORDER FORM •••*

• Q femaaiiietaasofEIUpifl!B“ ft * ,s

Aberdeen
Constrn.
pays more

FULL YEAR profits before tax
edged ahead at Aberdeen Con-
struction Group from £3.59m to
£3Bm for 19BI. In tlie second
half, however, Uio pre-tax result
was slightly lower at £2-4m
against £ 2.47m.

' The dividend lias been lifted
from 6.42p to 7.i?p net with a
final of 4.77p. Earnings per 25p
share are given as 22.23p
(2l,53p). without taking into
account a previous stock relief
release.

Group turnover showed a
modest rise from £76m to
£77. 13m. After tax of £1.35m,

: against a previous credit of
£Ll9m minorities, and an extra-
ordinary debit last time of
£16,872, attributable profits
emerged lower at £2, 45m
(£4.78m).

On a current cost basis pre-tax
profits are shown as £2.45m
(£1.05m).

CHRIS MORAN

In connection with the offers
by Chest erlodge for the shares
of the Christopher ffforaa Group,
Coni, Gilbert A- Sankey report
that acceptances have been re-
ceived for 16.43m shares repre-
senting 94.68 per cent of the
shares of CMC.

P. C. Henderson recovers to £2.5m

REPRESENTING continued re-
covery pre-tax profits of P. C.
Henderson Group, manufacturer
of garage and industrial doors
and slidin&door gear, jumped
from £525,000 to £l.38m in the
second half of 19S1-82. This lakes
the total for the year ended Feb-
ruary 27, I9B2, up by just over
£lm to £2. 49m and compares with
the record £2.79m achieved in
1979-80.

The dividend Is lifted from Sp
lo 10p per share net, with a final
of 7.25p. This compares with a
forecast of a final of not less
than 7p.

Mr Pat Gaynor, chairman, says
that the “substantial recovery”
from the depressed level of 1680-
Sl has been achieved in trading
conditions which have remained
difficult, with flat demand and
continuing strong competition.

He says that the growth in
sales value of 9 per cent to
£3 1.89m reflects little or no real
increase, taking into account in-
flation as it affects the business.
The improvement has come from
tight control of costs and work-
ing capital. The chairman says
that the year has also reaped
the benefits of stringent action
to reduce expenses. Margins
overall improved from 5 percent
to 7R per cent

Mr Gaynor reports (hat the
group's traditional sliding-door
gear and garage door division
has done well and the sub-
sidiaries in New Zealand, Norway
and South frica have produced

excellent results. The net con-
tribution of all overseas sub-
sidiaries to the year's profit was
up from 19 per cent to 29 per
cent.

The industrial door division
again experienced shrinking de-
mand in the UK and earned a
lower return on capital.

The chairman says that the im-
proved profits coupled with
inventory reductions, has enabled
a positive cash flew of over £2m
to be generated so that at the
year end there was a cash sur-
plus. He points out that payment
of the cash portion in respect of
the acquisition of Kormand Elec-
trical, in February this year, had
resulted in some utilisation of
the company's facilities.

Adjusting for this and for
Normand’s own borrowings, the
year-end gearing on the enlarged
group's total shareholders' funds
would be under 20 per cent.

Current management accounts

of the Normand group indicate
that it has now returned to profit
and demand for its products
is improving. Normand — which
had achieved profits of over £lra
in the three years up to 1979-SO
— saw profits fall away to
£451,000 in 19S0-S1 and in the
first half of its current year
there was a loss of £59.000.

The chairman says thar out-
look for the whole group in the
current year is “not discourag-
ing.'* In common with most of
manufacturing industry, the com-

pany does not see a rapid growth
in demand. However, with the
much reported improvement in
the housing market he feels it
is reasonable to expect some
uplift in the company's tradi-
tional trade in the year.

Henderson's profit was struck
after an exceptional charge of
£49,000 (£565,000) and interest
of £189,000 (£377.0001 and in-
cluded associates profits of
£45,000 (£46,000) and rents

received £171,000 (£118.000).

After tax of £1.02m (£611.000)
earnings per share came out at
3Up (17p).

• comment

The previous year’s slimming
exercise clearly put Henderson
back on course in a tough
iwrket Though not in a glamour
industry, cautious management
and a strong balance sheet has
proved its resilience, helping
give the share price a sharp lift
over the past 12 months — shak-
ing off many a would-be pre-
dator. For significant future
grourth the group must look to
its recent acquisition Normand
Electrical where there is much
scope to develop its small but
broadly based foothold in elec-
trical motors. The company is
also considering extending its in-
volvement in industrial security
through the purchase of an
entrepreneurial business in the
U.S. Meanwhile the outlook must
be based on further expansion of

the overseas business and on the
pick-up in the house -building
market at home. Yesterday’s lOp
jump in share price to 182p Still
left the group on a somewhat
vulnerable fully-taxed historic
p/e of around 11.

Cindico joins

Nightingale

market

Cindico, manufacturer of
nursery equipment is joining
the market created by Bl. J. E.
Nightingale.

Nightingale has placed 700.000
shares at 240p. or 44 per cent of
Cindico’s equity, with various
financial institutions.

The placing capitalises the
company at £3.79m. Between
1976 and 1981, Cindico increased
sales from £1.9m to £6.5m while
pre-tax profits advanced from
£83.000 to £573.000.

The directors forecast that
profits for 19S2 should be not
less than £725,000.

Shares in Cindico have been
made available by the family
trust of Mr Richard Downs, the
chairman, and the Industrial
Commercial Financial Corpora-
tion.

Trading in the shares Is
expected to begin today. Cindico
is the 22nd company to join the
Nightingale market.

Brixton
Estate
pays more

PROFITS, before tax, of Brixton
Estate, property development
and investment company,
expanded from £3.07m to £5.39m
for the 19S1 year, and the divi-
dend is effectively lifted to 3.Sp.
against 2.63p, with a final pay-
ment of 1.95p net per share.

Earnings are shown as a.l5p
(4.33 b) per share.

Net rental income for the year
amounted to £12.Slm. compared
with £10.56m, and investinent
profits were well ahead at £B.13m .
(£3.64m>. . a

After much higher tax of
£1 97m, against £907,000. and a
£581,000 (£667,000) transfer

from reserves, net attributable
profits emerged at £4m, com-
pared with £2B3m, of which
ordinary dividends will absorb
£2.72m (£l.S4m).

The directors soy the company
is continuing its policy of I
acquiring suitable properties for
development, in both the Uk and
overseas, and a number of j
schemes are ‘ currently being
actively pursued. The board is
satisfied that adequate funds are
available. I

There was a valuation of the
company's completed and let
properties, both in the UK and
overseas, as at December 31 last
which revealed a surplus over
book value of £10.3m.

SAINSBURY'S

PROFIT UP
35.5%

STMT

PROFIT

SHMUNG

£5.7m

\ SALES UP

22 . 2 %

5 MILLION
CUSTOMERS
A WEEK

PRODUCTIVITY
UP 3.4%

5,600

MORE JOBS
CREATED

RESULTS 1981-82

Salientpointsfrom theStatementbythe
Chairman, Sir John Sainsbury:

□ The sales increase of 221%
represents a volume growth of 13% with
volume iii existing stores up by 6%.

□ We now serve more than five
million customers a week, an increase
of 23% over two years.

□ Our prices during the last year
were even more competitive than the
year before.

□ For the fifth year in succession our
supermarkets' sales per square foot at
“constant prices” increased, bringing
the weekly figure to £12-well over
twicetheaverageinthetrade.

□ Productivity in terms of sales per
employee improved by afuriher 3.4%,
bringing the increase in five years to
28. 5% . This has been made possible in
largepaitbythescale of our investment
programme which last year rose to the
highest ever at £126 million.

Preliminary results, unaudited-
52 weeks to 27th. February 1982

1982

£000

1981 %

£000 Increase

Sales

1,950,546

1,589,196

22.7%

Retail Profit

86,597

64,393

343%

Retail Margin

4.44%

4.05%

Associates

! 2,497

1,368

82.5%

Profit before

Tax and

Profit Sharing

89,094

65,761

35.5%

Profit Sharing •

6,675

■ 3,699 .

53.4%

Tax

15,419

12,680

Earnings per
share-My taxed

23.74p

17.74p 33.8%

Dividend

-netforyear

. 9.75p

7.25p

34.5%

□ There was a record profit growth
of £23.3 million. Over the past four
years our profit has doubled in real
terms.

□ This year earnings per share (fully
taxed) were up by 20% in real terms'.

□ ' We shall distribute £5.7 million in .
shares or cash to the 23,000 staff
participating in the profit sharing
scheme. The total distribution in the
first three years of this scheme is
£11.6 million and 38% of the staff eligible
to do so have opted to take shares.

□ Another record broken in .1981/82
was the amount of new selling area
which was opened-the 17 new stores
had a total sales area of 358,000 sq. ft.

□ We have created more than :

5,600 new jobs bringing the total in two
years to 11,000.

□ A one for one capitalisation issue
is proposed

% MARKETSHARE

16

1ft

12 -

*>■

8-

6-

4-

2*

Shaic of nalkmil MdtjAMMChapS

^ baud «i Nieban «nd DOl uu

PH Share rtamwrabMfaM wtlMrtwi

'““‘iwAGB

m

4

pv

fa

1978

1979

1960

1961

1982

cm INVESTMENT

140 -

120

100-j

80-1

60

40
20 -j

Property
Other ,

■

■ ■

IjEggi

1 |

Hi

!a

mi

five, V* :

v.ci

1978

1979

1980

1961

1962

Good food costs less at Sainsburyb... .every year

i

30

The Charterhouse Group pic

1981

Mr Nigel Mobbs reports '

The Group

The group made good progress in 1981 despite the worldwide recession. With the enlarged
merchant bank under new direction and .further divestment within the industrial sector a new,
more aggressive strategy was pursued. There was, as a result, a substantial Increase in the
amount invested in new and existing companies in the United Kingdom, France and North
America and this continues.

Results

Group profit before taxation increased by 40 per cent a commendable performance in the
depressed economic climate. The attributable profit after taxation suffered from a high tax
charge caused by the non tax-relievable profit arising in overseas territories and in associated
companies, notably Charterhouse Petroleum, which also suffered the first imposition of
Supplementary Petroleum Duty.

Emilfion

Results in brief

1981

1980

1S8A

1432

_ _ 114.6

■ 117.1

3U2

23.8

22J»

16.1

* Profit after taxation before extraordinary items

11J1

117

7.12o

9.64p

4925p

4JS1p

* Jrtdudmg profit of the bank after transfer to inner reserve

Dividend

The directors recommend an increased final dividend of 3.0 pence per Ordinary Share which,
when aggregated with the interim payment amounts to 4.925 pence for the year.

Investments • • * ' ■ . " .

Profits from development capital activities were-particularly encouraging in 1981 . £14 million
was invested in seventeen companies during the year in the United Kingdom, France and North
America. The group continues to invest actively both as a minority and a majority shareholder.
Although the recession continued, some companies managed to perform outstandingly well.
Newage Engineers, which manufactures alternators, had an excellent year both at home and in
its export markets. Building products, tool hire and the industrial distribution sector generally
were badly hit but are now more optimistic about the futu re. In France, Croupe Expand, which
provides promotional sendees for pharmaceutical companies, more than doubled its profits and
continues to grow.

Banking

The bank's activities and strategy have been carefully reviewed and the management team
strengthened by new appointments. The sale of Holding Financier, the holding-company of the
Swiss and French banking operations of KeyserUKmann, was completed (n September 1981.

The Charterhouse J aphet Ad; concerning the integration of Charterhouse Japhet and Keyser
Ullmann, received Royal Assent in April 1981. This allowed all trading to be amducted irrthe
name of Charterhouse japhetwith effectfrom the 1st June 1981.

The results for 1981 begin to reflect the benefits of the merges including increased business
opportunities resulting from the enlarged capital base. I have every confidence that we shall go
from strength to strength in our now sizeable merchant bank.

The future , , . .

The planned strategy which the group has been developing in recentyears is now beginning to
produce success and a more aggressive investment policy is being pursued..

The strong operational performance of the group in 1981 arose from its policy of establishing a
substantial merchant bank, creating a broadly based international investment portfolio, and
supporting managements with successful and proven track records. The wide range of the
group's investments will continue to play an Important part in Its defence against unfavourable
economic events.

Nigel Mobbs Chairman

Copies of the Annual Report of the Charterhouse Group pic are available from:

Group Communications Department; 25 Milk Street; London EC2V 8jE Telephone (pi) 606 7D7D.

This advertisement complies wlthtks requirements of the Council of The Stock Exchange,
It does not constitute an offer of or invitation to subscribe far or purchase any securities .

U.S.$100, 000,000

AB Svensk Exportkredit

(Swedish Export Credit Corporation)

(Incorporated in SwcdenunthlunitedUabOity) ■ .

1454% Bonds Due May 15, 1990

The fottaimng have agfeed to subscribe for the Bonds:

Goldman Sachs International Corp.

Credit Suisse First Boston Limited -Morgan Stanley International

Ska n d m aviska Enskilda Banken PKbanken Svenska Handelsbanken

Credit Commercial de France . Manufacturers Hanover Limited

The Nikko Securities Co., (Europe) Ltd. Union Bank of Switzerland (Securities) Limited

S. G. Warburg & Co. Ltd. WesfdeutscBe Landesbank Girozentrale

Sparbankernas Bank

The Bonds, in dentratinadoos ofTIS.$5,000, •with an issn&prk» of *99.50 percent., have been gflrafMm*

List by the Council of The Stock Exchange, subject to the issue erf the tmrporaiy Bond. Interest; is payable amxadly
in arreaison May 16, commencing on May 15, 1988.

^Particulars of the Bonds are available in the Extol Statistical Services limited and may be obtained iftirmy normal
business boars cm any weekday ( Saturdays excepted) up to and including Mqy 20, 1982 bom the broker to t&e issues

Cazraore&Cth,

12 'Ebkenhoo&e Yard, .

London EC2R 7AN

May jB, 1982

I^antialTimes;^ 6 1982 ^

Goniianin.flfld.UarW TJK COIVIJPANY . - - ~

■%

'"Z*:

r

on

TAXABLE PROFITS of Matthew
Hall & Company, oil and chemi-
cal engineer, improved' Tram
£9 21m to £10.34m for the year
1981. mat ching mid-year predic-
tions when profits of £7.67m were
returned, compared with £&S3m.

Full year turnover rose to
£329.25m (£2 53. 66m) and at the
trading 'level profits emerged at
£5-Slm, against £5. 69m.

The pre-tax figure included
interest received of 1453m
(£3.73m> but was subject to tax
of £2. 09m (£406,000)— last year
there was also an exceptional
tax credit of £7.S6m. Minorities
came through as a credit this
time of £5.000 (£4,000 debit).

Stated earnings per 25p share
were 24,18p (25.75p adjusted and
excluding exceptional tax credit)
but a final dividend of 4.03p
raises the net total from the
equivalent of 4.263p to 5.116p.

The directors are fallowing a
policy of acquisition and develop-
ment overseas “ to meet the
challenges of the future and to
minimise dependence an any one
economy.” .They say they are
determined' to- maintain the tradi-
tion of improving performance
year on year .and point out that
the group has started 1982 with
a good order book.

Mr Dennis Garrett the chair-
man, said later that he saw the
company's situation as “probably
encouraging ’* at the moment
with the first quarter comparing
favourably with last year._ but
added that there was “quite a
way to go to the end of the year.”

A divisional breakdown of

BOARD MEETINGS

T?ib fc&owing companies have notified
dens «f beard meetings "to The Stine*
Exchange,- Such meeting* a« usually
held ter th* purpose of considering
dividends. Official indications are not
available as to whether dividend! ere
interims or finals, sod the sufidivisions
shewn bslsw are . based nuiidy on last,
year’s timetable. -

TODAY

interims: Kwik Save Discount. M.T.
Dart. Mcm Engineering. Richard*, Royal
Bank of Scotland;. Sungsi Bahru Rubber
Estates. Thame* Investment and Socu-
Mt.e*, Transvaal Consolidated Land and

Explain can.

Reals; Aftrfund. Dorarakande Rubber
Estates, Gamer Booth. Generd and
Natronet. 1 Norman Hay, Helical. Bar.
Marshals Umvsreal, Minty, Platinum.

Pritchard SttViON, . Save, end’
•linked'. Invoaanervt Trust
Sumner,- U05.

FUTURE DATES

In te rims '

Mortand

Northern Amwraen Trust

Wbmuhmih .....

Finoie—

Coseain. i...

First Castle Electron ica

Hofr Uoyd IntanUnkinef ......

Land Securities htveet. Trust

Mousy . — ....

Nurdtn end Peacock
Ovsrvarone Investments ......

SefineotHT

Smurfit (JafTnraon)

Zambia Corel orf Mated -Copper
Mines

Prosper

-Friooie-

Mey.aa
May 18
MorSO

May If.
May 11
May 13
May .17
May M
May- 12
May 7
May 17
May 12

May 10

trading profits shows: oil,
minerals, coal and chemical
engineering £2-6Sm (£3.01m);

mechanical and electrical ser-
vices £3. 13m (£2L67m).

On a CCA basis pre-tax profits
were £9 .58m (£S.42m) and earn-
ings per share 2L94p (23.43p>.

The downturn from the oil,
gas and chemical engineering
companies was after talking
into account the costs of ex-
pansion in the U.S., Australia
and 'S. E. Asia and the develop-
ment of new design techniques.
The TJK performance was strong
and HoUand traded satisfactorily
despite difficult conditions.

Australia has expanded into
materials handling projects. The
integration of the recently-
acquired Barnard and Burk

Group in the U.S. is proceeding
satisfactorily. The" mining sector
bad to contend with the decline
in mining investment worldwide
and also development costs in-
curred to prepare for the pros-
pective upturn.

Asked about North . Sea work
at a press conference the
direct ors said they -tew signs of
a hiccup but added “There is
still a great deal of work to be
done there and we aim to keep
our market share to the -best of
our ability.* 1

The group is also expanding
this sort of work overseas— to
Indonesia, Brazil and, more re-
cently, the West Coast of
America. It is still interested ia
expulsion, particularly building
up its mining service in- the "U.S., -

bat acquisitions “ are not easy

to find."

• comment...

At-the trading- level, THatdMW
Hall’s 'progress in 1981 ■ has
emerged at a not very inspiring
22 per.-centv superficially giving
a little retrospective justification
to the receht slippage 'in the
.share price, from a 1982 peafc of
233p to I94p yesterday. The com?
. parison with 1980 is Tendered nn-
flattering by an- extra £&a or u
of devedopment xosts written off
-this time; in tee absence of which
profits on the .engineering side
might have risen by about 15
' per cent, whereas, they actually
fell by a tenth. Ball's £10m profit
forecast has been- achieved, with
a little to - spar^ thanks largely
to. a 22 per cent jump in interest
-income. Even after the acquisi-
tion of Barnard and Burk — which
gives the group a 'footing in the
IT.S. contracting scene— net cash
at the year-end was something
over £26m. Roughly half, is tied
up In contracts, but the. re-
mainder is - . free • to- finance
another acquisition, if. anything
suitable can be foiind: The fsnds
are held in sterling, so at lower
average 'rates, they ‘may prove -
less productive this year. Against
that, B and 5 ought to contribute
around £l)m, and the order
position is a -little better, (except
possibly in tniteug - project*).
Yielding 335 per eeat on a fully-
taxed historic multiple- of .13, -the
shares are still at a premium to
those of Hail’s- competitors, but
less strenuonsly ithan they were
a few weeks back.

V#

lasmo profit Comfort Hotels back in London &

higher in
first quarter

profit as predicted

FIRST QUARTER 19S2 profits,
before tax, of London and
Scottish Marine Oil are running
marginally above the correspond-
ing figures for last year, Mr
Geoffrey Searie, chairman, told
shareholders at yesterday’s
annual meeting.

He -satld teat the profit position
after tax was not so clear ‘because
in tee first quarter it was difficult
to assess the tax charge for the
year and to allocate a part of
teat to each quarter. The amount
of capital allowances available to
the company is now a significant
factor. The tax charge for the
year immediately ahead will be
materially affected by tee com-
pany’s capital expenditure pro-
grammes, said Mr Searld.

Referring to the company’s in-
terests in the T Block, the
Andrew Field and also in the
Golumba Field, south of Nlnian,
tee chairman- said these develop-
ments are being held beck by
uncertainties of costs, of prices
and particularly of tax.

He said that oil reserves such
as these will not be left in the
ground but "it is difficult To put
a date on 'their development
Meanwhile much valuable work
is being done on alternative pro-
duction systems which could
reduce capital costs and tee time
required to bring the field into
production, i-

The chairman reports that
Ninian Is expected to average
just over 300.000 barrels of oil
daily, the company's share beine
about 25,000. Gas production
from Hewitt is expected to be
about the same as In 1981. Oil
production in the U.S. is expected
to average over 2,000 barrels peT
day, an increase of 35 per cent
on 1981.

A STRONGER second half saw
Comfort Hotels International
- move into tee black -at the end
of 1981. as predicted, after a
£93,000 loss at 28 weeks.

The group reports a pre-tax
profit of £607,270 for the year
to- December 27, down from
£1.4m. Turnover rose from
£21.42m to £24- 08m, and interest
was .up at £2.63m (£1.91m).

The net final dividend of 0.4p
per share, for a total 0.6p, re-
peats the 1980 payment Stated
earnings per lOp share dropped
. from 2.6p to O.SSp.

Tax took more at £154,642
(£(9,925) and extraordinary
debits were up at £131,343
(£122,664), with minorities nil
(£6,036), leaving attributable
profit of £321,285 (£1.22m).

Mr M. J. Edwards, chairman,
says current trading is ahead of
the same period last year and
1982 results should reflect this.

Strikes restaurants had
another successful year and its
introduction to tee Unlisted
Securities Market is planned for
this year. - -

.... .Landmark Hotels International

Is matting rapid progress in in-
creasing the number of hotels
managed .' overseas. DayvUIe
achieved a substantial increase
in turnover.

• comment

Gearing .at Comfort . remains
only marginally lower than the
top heavy 56 per cent seen at
the end of 1980. Improvement
in jpre-tu: performance in the
current year, apart from some
benefit of lower interest rates,
must, therefore, come from a
real gain- in trading. An 11 per
cent tariff increase in March has
so far not dented the level of
custom but has yet to show its
full effects on the all-important
tourist business through the
summer months. Indications are
that weaker sterling enabled the
industry to halt the decline in
UK occupancy levels but
whether this better trend of the
last six months has solid founda-
tion is far from certain. An
uncertainty reflected by the
shares which slipped ip to 17p
yesterday, yielding lust over 5
percent.. V

Provincial
Shop rises

PRE-TAX profits .of London and
Provincial Shop Centres (Hold-
ings) expanded from £248,900 to
£506,000 for the halfyear- ended
December 25 1931, and directon
forecast a total figure of £950.000
for the 12 months. Profile last
year amounted to £654,000 for
this property development and
in vestment concern. -
. From earnings per 19p shore
of 2.3p (Llpl the interim divi-
dend is increased to 0.9p (Q.6p)
net

Gross rental income went
ahead from £1.41m to £1.59 m at
halfway — this is expected to
rise to about £3.1m (£2.8m) for
the year — and thh pre-tax figure
was after lower interest of
£913.000 (£t.02m): •

An independent professional
valuation of tee group's invest-
ment properties is to be canted
out as a.t June 24 1982.

Tax charge for the six months
takes £263,000, against £129,000.
leaving an available balance of
£243,000 (£119.000).

Yearlings,
total £22m

Yearling bonds totalling
£21An at 13 1 per cent re-
deemable on May 11 1983 have
been issued this week by tee
following local authorities.

Staffordshire CC £2m; Alnwick
DC £0.25m; Basildon DC £0Bm;
Eastleigh (Borough of) £0.25m;
Ogwr BC £D.4m; Roxburgh DC
£0.5m; Salisbury DC £0.5m;
Tandridge DC £0.25m; Warring
ton BC £1.25m: Welwyn Hatfield
DC £0.5m; Wrekin (The District
of The) £0.5m; Amber Valley DC
£0.5m; Cumbernauld and Kilsyth
DC £0.25ra; Mendip DC £&5m;
Milton Keynes (Borough of)
£0.25m; . Newham (London
Borough of) £1.2 5tn; Salford
(City of) £0.5m; Wellingborough
(Borough of) £0.25in: Liverpool
(City of) £2m; Edinburgh (The
City of) DC £1.5m; Lambeth
(London Borough of) £0.5em;
AUerdale DC £0^5m; Brent
(London Borough of) £0JSm ;
Redbridge (London Borough of)
£0.5m: Kensington and Chelsea
(Royal Borough of). £0.75m;
Leeds (City of) £0Bm; Medina
BC £0.5ra; Restorrael BC £0.5m:
Tameside Metropolitan BC
£0.75m; Cardiff (City of) £2m:
.Cynon Valley . (Borough of)
£0.25m: Warwickshire CC £lm.

Sedgefitaid DC has issued
£0.Sm of 14 per cent bonds at
par for redemption on May 2
1984,

SPAIN

May 5

Bence Bttbao ...
Banctt Central ...
Banco Exterior ...
Banco Hiarmno ...
Banco lnd. Cat.
i Banes Santander
Banco Urquijo ...
Banco Vizcaya ...
Banco Zaregow

Drag ados

EspanoJa ZSms ...

Focm

Get. Preotsdds ...

Hidrtria

tbtxdwo

Petraloos

Peinrtber

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Union Beet.

Prfc*

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NXY. at 30A82

54742 (DR* 12233)
viking resource;
INTERNATIONAL
N.Y. .

DIFO PbnoD
Hehfrtna & Ptareoa N.V.
llewn gacbt 214, Amsterdam

VOLVO

Notice is hereby given that the Annual General Meeting
of AB Volvo will be held at Svenska Massan r Gothenburg,
Sweden on Wednesday, May 26th, 1 982 at 4.30 p.rru

The Annua! General Meeting shall be convened to
consider matters prescribed by law and the Articles erf ‘
Association of the Company, including the following:
presentation of the Annual Report and Auditors' Report for the
year 1981, adoption of the Company's income statement and
balance sheet, the group income statement and balance
sheet disposition of the profit shown in the balance sheet . .
adopted, the release from liability of the members of the.Board
of Directors and the Managing Director, determination of the
number of board membersand deputy members to be elected
by the M eeting, establishment of fees for the Board of
Directors and the auditors, election of the board members,
auditors and deputy auditors.

The Meeting shall also consider a proposal by the Board
of Directors that the Articles of Association be amended in
order to vary the places in which the'Annuaf General Meeting
may be held. . ’

It is proposed that subject to approval by the Meeting,
the dividend will be paid on June 7th, 1982 to Shareholders
registered on May 28th, 1 982.

• In order to take part in the Annual General Meeting,
Shareholders must be registered in their own nameiat the . .1 '
Swedish Securities Register Centre (VPC) by May 14th, 1 982
and must also notify AB Volvo of their intention to participate
not later than 1 2.00 noon, Friday, May 21 st.1S82. Shares
registered in the name of nominees should be temporarily re^- -
•registered in the names of the Shareholders themselves to
enable them to participate. Several banking days should- be
allowed for re-registration to be effected. Holders of
subscription certificates are to be regarded as Shareholders for
this purpose. .. ..

Notification of. participation in the AnnuaT Gerieraf
Meeting may be given:

By telephone, by calling 4631.-59 21 : 50 (direct number}
or via the Volvo switchboard, 4631 -59 00 00.

By mail, addressed to Legal Department, AB Volvo,
S-405 08 Gothenburg, Sweden. '

In providing such notification, the Shareholder should
state his Name, Persona! (registration) Number and. Address
and Telephone Number.

Shareholders wishing to appoint a proxy to participate m
the business of tiie Meeting on their behalf should nqtify the .
Company well in advance, of. the Meeti ngi giving the name' df
their proxy. A proxy need not be a Shareholder dfAB Volvb.- -

By Order of the Board

Claes Beyer, Secretary, AB Volvo
S-405 08 Gothenburg, Sweden.

May 6th, 1982

■ r lo T(

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U.-

financial. Times Thursday May 6 1982

31

CojRpaaiH and Maiiats

UK COMPANY NEWS

MINING news

structure
to be changed

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. »Y GEOSfii Mfti^t&STAMLEY

THE firundAlly-troubled Austra-
lia raining group Seltrust Hold'
Log* his told the Perth Slock
Exchange that it is " considering
■ proposal to modify the share
structure of the company.”'

British Petroleum has a 7S.S
per cent interest in Seltrust
Holdings through its Selection
Trust subsidiary.

Yesterday’s statement, made In
response to a request late last
week from the exchange authori-
ties. went ' on to ' say that -a
decision will be made in the
next few days, and a further
announcement will then ' be
issued, ‘ '

The likelihood is that this
bnef . .statement does not herald

the major reorganisation of
BP’s diverse mineral interests
in Australia.- which has been
widely advocated.

More probably, it .will involve
moves to relieve BP of its
embarrassment at the Austra-
lian group's inability to 'pay; the
dividends- due on its M Z*' pre-
ferential capital.

The 'betting among London
analysis is that BP has decided
to offer “ Z *’ shareholders the
option of convening into "A"
ordinary shares, on terms some*
what more generous than the
present one-for-one rate.

Seltrust “A" dosed 7p lower'
at 4?p in London yesterday; with
the “ Z ” shares down 4p at 7Sp.

Sainsbury profits surge
over £21m to £83.4m

Improvement at Gopeng

: IN CREASES -IN both tin concen-
trate output and the average
price received boosted profits of
the Malaysian, tin producer
Gopeng Consolidated for the six
months to March 31.

Tin concentrate output rose
by more than half to 1.380
tonnes; and The price , received
was up from £3,837" per tonne
to £4,934. Consequently, pre-tax
profits rose to £2. 64m from
fl.Sm in tbe first half of the last
financial year.

-Another Malaysian tin pro-
ducer, Pengfcalen, managed to
produce 30.fi tonnes in the -same
period, up from 23 tonnes, in
spite of the fact that the com-

pany was forced to put its single
dredge on a care and mainten-
ance basis early this year follow-
ing the exhaustion of all
available mining land.

Pengkalen lost £36.750 before
tax in the six months, compared
with a loss last time of £14J250.

The company said that its
insurance claim resulting from
the sinking and subsequent re-
habilitation of its dredge has
now been agreed, - and settle-
ment is imminent.

Pengkalen said it is continu-
ing its investigations into
specific alternative mining pos-
sibilities in Malaysia.

International round-up

South African gold production
- rose slightly in March to
1.723,53? ounces from 1,704,339
' ounces in February, but was well
;down on the 1, 731^394 ounces
produced in March of last year,

' according to figures from the
Chamber of Mines.

The total for the first three
months of the year was running
: below that for the same stage of
- 1981 at .5,110,800 ounces against
5.234,052 ounces.

. * . * +

. New oil shale deposits have
.been discovered in the Rciem
; district of Israel's Negev Desert,

. reports L. Daniel from Tel Aviv.

. The deposits, totalling ibn
‘ tonnes, increase the country's
known reserves by. 30 per cent,

' mostly' situated in the Negev.

. Tbt ' Israeli authorities are
Investigating the possibility of
. using foreign technology to
extract oil from the -rock,, and
. also financing local research into
new techniques. ...

Canada’s - state-owned uranium ■
company Eldorado Nuclear » to
acquire the outstanding shares
in Gulf Minerals Canada m .
return for uranium concentrates
it is holding in stock. Gulf
Minerals, a ’ subsidiary of Gulf
Oil of the U.S., has a uranium

Key to ‘restoration’ of
Low & Sonar’s fortunes

THE KEY factnrs in the restora-
tion of Low and Sonar’s fortunes
.are its restructuring, further
improved efficiency of manufac-
turing activities, the reduction of
overheads and the concentration
on growth areas, Mr A. J. Miller,
tbe retiring chairman, says in
hi* annual report.

: He adds that with fundamental
changes taking place, in re cent .
years, particularly ip the UK
'economy, it is group policy to
identify areas of growth and
future profits.

The group, be points out. is
-withdrawing from activities
which do not offer such pros-
pects and is concentrating its
resources . in- growth areas — its
investment in Flotex. travel in
rjre UK and Australia, and in

packaging, hotii in: the UK and
Canada, are given as examples
of this policy.

The group’s activities in Africa
are substantial and will expand
. but “ only by the utilisation : of
funds generated locally.”

As reported on March 30,
group pre-tax profits for the year
to November SO. 1981 declined
from £7.64m to £5.1m. The con-
solidated balance sheet shows
fixed assets at £34. 29m (£31.4ml
and net current assets at
£26.2Sm l £25. 66m V Shareholder's
funds totalled £51.04ra (£4S.12m).
Mr Miller will retire from 1 The
board at the annual meeting,
scheduled to be held at Dundee
on June J. He will he succeeded
by Mr D. H. rte Trafford, at pre-
sent deputy chairman.

Industrial Diamond Company Ltd

of London

in association with 'IDG (Overseas) SA
announce the purchase of the entire share capital of

American Boarls Crushing Gompany Inc
of New York, USA

Associate Director

for

independent andprofitable
financial/ corporate
advertising agency
(London)

opportunity has arisen fer*so>' cr r*f s “ 1 ^
join avery successful snail spraalisOyager^-

r , “ HI . £ 1L- unfW all 350

E^andorerradiais.

TWJ^Hy between 28-38, they should-
^ ftaxh v.ouJd be a distind^r&g?. . . , . ,

IN WHAT- Sir John Sainsbury,
chairman of food group J. Sains-
bury, describes another year
of highly successful, trading,
pre-tax profits expanded by
£21.36m to a record £S3.42m for
the period ended February 27.
1982. The result was after staff
profit sharing of £5.6 Bto (£3.7mj,
a 53.4 per cent increase.

■ Sales, which included VAT of
£74.7m i£5Smi, moved .ahead
From fl.Sflhn to £1.95bn. This is
a' 22.7 per cent gam, and repre-
sents a volume growth of 13 per
cent

. After 2S weeks, taxable pro-
fits had advanced to £42.5lm
(£30.SSm). -A better performance
from associates — profits up
frpm £314,000 to £855,000— -was
largely because of a tumrnunrt
in profitability of SavaCcnlrc.

Associates share at the year end

was £2.5m (£1.37m).

From yearly earnings per 25p
share of 23.74p (17.74p) the
dividend is effectively raised to
9.75p (7.25p adjusted) with a
final distribution of 6fip net.
Also proposed is a one-for-one
scrip issue.

Sir John jays that a record
new selling area was opened
during the year. The group’s -17
-new stores, which have a total
sales area of 358,000 sq ft, ex-
ceeded- their anticipated level- of
initial . trade with those at
Leeds. Walthamstow and Nioe
Elms “particularly outstanding/’
the chairman states.

A similar opening programme
is planned for the rurrent year
and will include four stores m
the north west of England:
Birkenhead, Liverpool. Preston

and Southport, and a fourth
Yorkshire store, in Huddersfield.

Retail profit amounted to
£&6.fini (£64 39m! wiiii retail
margins up from 4.05 per cent
to 4.44 per cent.

The chairman says that, pro-
ductivity. in termj of <=aies per
employee, improved by a further
3.4 per cent, bringing the
increase in iho last five years to
28.5 per cent. This has hcen
made possible in Targe part, ho
explains, by the scale of the
group's investment programme,
which for 19SI/S2 rnse io £126m.

Tax charge for the. 52 wce.ks
was £15.42m. compared r with
£12.65m — l here was.- also- a
deferred tax release of £15. 55m
last time — and there was an
extraordinary credit of I2.Sflm'.
(£3.93mL

See Lex

Corrective costs deepen Elbar’s losses

mine, and unejrploited reserves
in Saskatchewan.

Gulf Oil will use tbe concen-
trates to fulfil . commitments to
U.S. utilities. The amouol of
uranium involved has net beep
disclosed.

* * *

Fluor Mining and Metals, a
subsidiary of Fluor of the U.S.,
has signed a contract with the
China National Coal Develop-
ment Corporation to modernise
and expand the Fushun West
open pit mine in Liaoning Pro-
vince.

The project will cost a total
Of some S50m (£2Sm), but Fluor
has not revealed the amount it
will receive.

* * *-
Recent drilling at On-well
Energy’s natural flake graphite
find near Mont Laurier, Quebec,
has boosted indicated reserves
of high-grade pre to just over
lm tons, grading at least 9 per
cent graphitic carbon..

. _The mineral. has__ strategic
applications in the- nuclear
reactor, military aircraft and
space industries. More than half
of current world output comes
from, the Soviet Union, China
and .North- Korea, with neoe
from the: U.S., the world’s big-
gest consumer:

RECTIFICATION costs *>f
£878,787 helped push Elbar In-
dustrial deeper in The red in
1981. This vehicle *nd agricul-
tural machinery dealer and
engineer reports losses nf
£2 26m against £ 1.62m. The rec-
tification costs appear above the
line as an exceptional loss, No
dividend for the year is being
paid — last years total was 2p,
split between the interim and
final.

The directors explain that in
May last year, EVhar Engineering,
a subsidiary, delivered in a
customer what appeared To he a
satisfactory and profitable con-
tract for Ablation tanks for a
North Sea oil rig. Following
delivery, failings were found.

which proved to be quite serious.
Rectification work was required
on a major scale and within very-
narrow time limits in order to
avoid- delaying tbe float-out date
of the rig.

At halfway, the group in-
creased its losses from £393.570
to £948,512.

Turnover for the >ear im-
proved from £59.Sm to £fifim. and
operating profits were higher at
£460,000 against £76.000. There
were associates’ losses of £9.500
(£10,000) and interest charges
were up from £1.71m to I3.S3ni.
.After a tax credit of £5,000
(£§4LOOO) there was a loss per
50p share of 55.68p (35.05p)

The directors say that Elbar
Engineering, mainly as a result

of the disruption to its business,
suffered further losses during
1981. which by the year-end
totalled nearly £t.3m. Since the
end of the year, the group has
disposed of Elba r 'Engineering
.without further loss. .

Sales by Industrial "Engines
(Sales i before tbe end of the
financial year were considerably
less than expected. Large stocks
of generators were sent to Iraq
for the October. Fair, in Baghdad,
and a substantial quantity
remained unsaid Both These
factors have resulted m a higher
average level of borrowings than
expened, they say, ^vith the con-
sequent effect on interest
charges. " ■ ’ -- .

77iaadvcrtxuxri^CampJtewMrlfo CoundtoFThe Stock Exchange of thn

UnitMd Kingdom and the ftepubbe of Inland.

G MAC Overseas Finance Corporation N.V.

(Incorporated in the Netherlands AntiBes!

U.S. $ 125,000,000
15% Notes due May 17, 1989

Unconcfrb'orially guaranteed as to payment of principal and interest by

General Motors Acceptance Corporation

(incorporated in the State of New York, U.SA.)

" Issue Price 991%

This issue h as been managed by
Chemlcai Bank International Limited
Algwnane Bank Nederland N.y. . . BancadqI Gcrttardo

Bank Brussel Lambert N.V. Ban qua GMrala du Luxembourg SA.

Credit Lyonnais KleinworL Benson Umitad

Kradiatbank International Group

Union Bank of Switzerland (Securities)
Limited

Wood Gundy Limited

• - Sociate Gentrale
Wsstdeutscha Landes bank Girozentrale

Yhmaichi International (Europe) Limited

Tha Notes, in tha denomination of U.S.SE.000 each, have been admitted to the Official List of The Stock ^change,
su bnct only to issue . Interest B payabbi annually in arrears, on May 17. first payment being made on May 17, 1933.
Particulars of the Notes and of GMAC 'Overseas ■Finance Corporation N.V. and General Motors
Acceptance Corporation are available in the s ta tistical services of ExteJ Statistical Services Limited andmay be
obtained during normal business hours on* my viaakday (Saturdays- excepted) up. to and including Thursday
20* May. 1982 from the brokers to tha bum:—

’ Cawmova&Cb.,

. _ . 12 Totenho usa^hrd, London ECZR TAN. .

6th May. 1382

Through a

Lord Boyd-Carpenter

Pre-tax profits 10% higher — dividend up
Benefits felt of very hepvy capital investment
All overseas interests Improving
“Gleams of light ahead”

The following are extracts from the speech to shareholders by The Rt.
Han. Lord Boyd-Carpenter, DL, Chairman.

in my speech last year the essence of the message which I tried to con-
vey was my confidence that we could .and - would survive the combined
' impact of a world depression and a low level of activity in the construction
industry in the United Kingdom. In hard weather it is the hardy who sur- '
vive. But i certainly would not last year have dared to suggest that i
expected that in 1981 we should produce higher pre-tax profits than those
of 1980. Yet this is what 1 can now report. '

I think it is useful to seek to analyse why this has been so. First we have .
made vigorous efforts to improve our service to customers. We have had
in mind the truth of the placard which I saw recently in the plant of which
we are part owners in Pennsylvania, "CUSTOMERS MAKE PAY DAY
POSSIBLE”. This has been successful to the extent that it helped to offset
the fall in demand so far as our Company was concerned. Secondly,- we-
have been able to contain our costs by concentrating our production
effort on our energy economical new plant. This new plant has involved
very heavy capital investment notably at our Rochester' an'd^Sbutham
Works. This investment has turned out to have been well-timed. It is help-
ing us to keep our costs down through a period of depressio^AmyLhas : .
provided a reserve of capacity to enable us to take full advantage of the
recovery when it comes.

CEMENT MANUFACTURE IN THE U.K.

1981 began with the same low level of demand which had been experi-
enced in the latter part of 1980. In the second half of the year there was a
modest upturn but sufficient to confirm my forecast in our half-yearly
statement that the reduction in Group profits in the first half of the year
would be "more than offset by the end of the year”. But with the severe
weather in December bringing most sites to a standstill the year finished
on a disappointing. note.

Nevertheless, recent developments and modernisation at our works
enabled the Company to meet the fluctuating demand pattern for bulk and
packed cement with a high standard of -service. Particular progress was
made with the handling and delivery of packed cement and results fully
justified the high capital cost of Installing automatic loading and pallet-
ising facilities.

Since the weather improved, demand has improved with it.

OVERSEAS

Our Australian subsidiary, Cockburn Cement Limited, has had a some-
what mixed year although its- results for 1981 show an improvement on
1980 both in terms of profit and. in cement and lime sales - indeed, the
tonnage of cement delivered during this year was the highest since 1978.
The first shipment of cement in bulk was made to the new Darwin Depot
late in September last year. There is every indication that the Northern
Territory will develop into an important and useful additional market for
Cockburn Cement. t

The Parmelia Hotel'increased its contribution to the Group s profit by.-.
40%, although half of this improvement was due to the strengthening of
the Australian dollar against sterling.

In the United States, despite the effects of the present recession on the
construction industry in the North East of the U.S. A., our_newly acquired
associated company, U.S. , Cement Inc., through its 100% subsidiary
Hercules Cement Company, succeeded in improving both its sales and
its share of the market.

EMPLOYEE RELATIONS u ■

During the late spring.and .early summer the cement industry as a whom

suffered a certain amount of industrial action. In spite of this, production
and deliveries by your Company were not greatly affected. We are grate-
ful to all those who did so much to maintain vital production and deliver-
ies in circomstances which were difficult for all of us.

THEFUTURE

Although the cement inefustry,' like the c'ohstructibh industry which it
serves, is far from through Its troubles,' f cart see greams Of light ahead.
Certainly your Company has never been better prepared either to endure
storm or profit from sunshine. It appears that this view is shared' by
many investors.

There are two' - problems facing this Company and the rest of this
industry, alleviation of which lies in the hands of the Government. Our
industry is an energy intensive one. it is therefore much affected by the
surprising fact thatirr a country which has its owir abundant supplies of
-.eii.coaf, ah'd gas; the energy used - by industry 'should be more expensive
than in many of our European neighbours who do not have such natural

national advantages. _ . ... -

The other problem is the burden of taxation, national and local. The
limited lightening of the burden of national taxation contained in the -
^reeent-Btidget-is likeJytebe-offsetby mcrease&In the. level otiocai rates^-
FinaJly, I would like to thank most warmly all those in the Company
Whether Oh the shopfloor or atthe wheel or-in the officeor-in the board-
room whose hard work, team-work, and experienced skill have brought
us through a difficult year so well;

Boyd-Carpenter,

Chairman.

SALIENT FIGURES -

1981

1980

- —

£000

£000

Turnover

• • . United Kingdom •

120;018

112,364

■ Overseas. ~ - —

- 24,553 '

16,111

. . ... ....

144,571

128,475

Trading Profit

United Kingdom

14,872

14,307

Overseas

. .4,088

2,794

" 18,960

17,101

... Netlnterest and Investment Income .

. .<359)

(237)

Profit before Taxation

18,601

16,864

Taxation _

3,990

2 , not

Profit after Taxation "

14,611

14,754

”■ • . Earnings per Share

. . .j12.1p - :

12.4p* '

Total Dividend per Share

5.0p

4.7p

fRsduced by £727,000' release of stock appreciation relief provision, *

• *FteiStated for the release of stock appreciation relief provision and the

- - bonus element of the May 1980 Rights Issue.

—

Copiesi of the Report and Accounts 'containing the full speech by the
Chairman can be obtained from the Secretary, The Rugby Portland
Cement P:LC., Crown House, Rugby.

32

Financial Tintes'. Thursday : ^ay - (TJ.9S2-

THE EARL OF EGUNTON & WINTON

R.B. WILLIAMSON

ME.T. DAVIES

RJ. ELKINGTON

THE HON. CJ. SHARPLES

3 LLOYDS AVENUE LONDON EC3N 3DS
TELEPHONE 01481 9827
TELEX: 884962/3
PRESTEL "481#

FAX: 01481 1796 {INFOTEC 6000)

Gerrard & National pic and

InterCommodities Ltd announce
the formation of GNI Limited.

: .'x , : -

■ The Company offers brokerage service
- in financial futures contracts on
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I by L1FFE A nctewM
1 The Wntoey Mockay-Lcurti Pertnenhip

London Interne
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opens in September GNFs four
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clearing

effective and secure
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reports and fundamental
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GNI Ltd combines the expertise associated with one of the City’s largest
discount houses with that of one of the leading commodity brokers.

CALIFORNIA WINES

,,n

■ ,-r? p*;

By Louise Kehoe in Sail Francisco

DESPITE THE economic reces-
sion, or perhaps sometimes be-
cause of it, Americans are
drinking more wine. Last year
shipments of U.S. wine topped
half a billion gallons for the
first time— an increase of abont
7 per cent over 1980.

“ In a period of economic un-
certainty, and in an. industry
that is cert ainly not immune
to economic forces, we are con-
tinuing to see growth," says
John de Luca, president of the
Wine Institute in San Francisco.

Last year, for the first time
in UJ5. history, more wine was
shipped than spirits. “ There
has been a cultural change
away from hard liquor towards
wine,'' says Mr de Luca.

‘The ‘ three martini lunch ’
has largely become a lunch
with wine. Women — <w4xo buy
most of the wine, but don't
drink as much as men — hare to
a large extent changed the
traditional American cocktail
hour into the wine hour, and
the papulation migration to-
wards the “ Sun-Belt” — with the
widening influence of the Cali-
fornia life style, have all added
to the number erf wine sappers,"
Mr de Luca believes.

Looser alcohol laws in sev-
eral states have also led to
market growth- The latest lib-
eralisations occurred this year
in Michigan and Oklahoma
where wine can now be adver-
tised for the first time. In sev-
eral states, however, the sale
of wine is 'still restricted to
“packages stores” which sell •
nothing but wine and spirits.

The marked change, hi Ameri-*
cans’ drinking habits is giving
rise to a boom in California’s
wine industry — where ; more
than 90 per cent of U.S.-made
wines are produced. As the mar-
ket leader. Earnest and Julio
Gallo Winery increased its out-
put by 13 per cent to 133m
gallons, according to Marvin
Shanken, a wine industry
analyst.

Gallo cannot, however, be
complacent about its market
lead. The privately held com- .
pany is facing mounting com-
petition from none other than
Coco-Cola Company, the major
soft tank producer- Coco-Cola
entered, the wine busness five
years ago when it purchased
New York-based Taylor Wine
and formed a wine producing
subsidiary called Wine Spec-
trum.

“The UK has been a good
market 'for us,” says Almadea,
another exporter of California
wine; to the UK. But, "ship,
mentis, to the UK have already .
slowed ' down. - Before these
problems arose the landed prite& ....
■ of' . California wine . was very
competitive-4hat is no longer

80/

California .Wine producers be- ‘
lieve :j bowever that there, is still
a vast -potential home market - ■
that remains untapped. The
average- consumption of wise
per capita in the U.S. is a small
.8 gallons per 1 - year compared to
25-30 gallons; in France, ana
Spain. • 1

To increase "consumption—
and appeal to the growing can-
-siuner concern for. low calorie 1
foods — several ; California , .
wineries have introduced new
“ light wines.” With an .average '
alcoholic content of only 7. per
■ cent as compared to the' normal ^
11 per cent, the light wines have
much of the flavour of " the
originals, but 25 per cent fewer
calories. .

i -.i ’

•; i— ■

i _

■:i'S

Trevor Humphries :

California wines on sale at Madde & Co. in the City of London;
Britain has been a fast-growing market

Using hard merchandising
tactics including ** compsuative”
TV advertisements pushing its
year-old Taylor California
Cellars brand Wine Spectrum
has raised its share of the U.S.
market from 3 per cent in 1976,
to 5.4 per cent last year. Wine
Spectrum has also raised CaH-
fornia production by 20 per cent
last year,. _

While competition In the
home market is heating -up,
Paul Masson, sixth largest pro-
ducer with 1981 shipments of
18.5m gallons; is looking fur-
ther afield to increase its sales.
Masson has found a ready mar-
ket in the UK. Shipments of
California wine to Great Britain
have risen by more than 100 per
cent per year for the last three

yonrs . to make the . UK the
second largest export market
(after Canada) for California
wines.. Masson claims to have
shipped over 80 per cent of the
1.1m gaflons that went to Brit-
ain last year. Masson's UK
marketing is handled by the
UK division of its parent com-
pany Joseph E. Seagram and
Sons.

“Seagram determines which
of Masson’s 49 different wines
at% exported to the UK,” ac-
cording to a spokesman fpr
Paul Masson. Its low priced’
carafes of generic.. wines have
been particularly successful in
the UK but Masson is now also
selling varietals and '-its pro-
priety Emerald dry table
wine in the UK

- Light wines are produced by
a. combination of two methods
— one is to harvest the grapes
early when their shgar content
is tow; and the other is to pass
the wine ' through vacuum
distillation processes to burn
' off some of the alrohoL Tradi-
tional wine makers like Gallo
decry the innovation saying
that they are not satisfied with
the technology at present
A peculiarity of American t
.wine drinking habits is the ;
increasing popularity of white
wine over red. In . 1981,. more •
than 60 per cent of the wine )'
shipped by U.S. producers was
white— a marked change from
the 34 per-cent of wine shipped.’. -'
ixi 1975. The consumer prefer- t
ence for white has . caused
problems for the wineries,
though it has helped market
growth. Several are oveerpl anted .
with red grapes. A few Cali-
fornia wineries are icing new
methods to produce white wine
from red grapes, although, so
far these have achieved little
consumer acceptance. Others,
particularly those with large
vinyard* acreages, are grafting
white vines onto red grape •
vines . using a process called. .
T-budding. Using, this method;
vines can be back in production
with a new variety of grapes
within a year or two...

■ii * <». i

M Lviffiti

.33

iy 6 19*2 ^iHr'

^ a S*

UK*

rte r ^ ,s ACh

: Ual h 5f?;

l>5>i

1 ?, o J

F^M^;"Times "Thursday May 6 1982

Companfes and Martas

COMMODITIES AND AGRICULTURE

energy

Sisgn

yft??

n«£S
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ne,r iua? i
ie o!hflrT ^

^JC« Se; X
the . ■icohn £
maKe ti iSLt
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'■ a: tott*
?*.* w
5 , aaJ >i&r
!j' Jl ">uaV

Q - -'a 1981 :
.'* n > * h)

. ■ produts,:
rK « chaT;

' 0f "HK&
consimer^

*«* ha 5
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w «Mfc
ia - are oTfi^.

??«• A i U i
?re *»te;
'fwsuce Hia!
'*?**. al&jjj;
■'■* SCTLKi-r

"■sprance. <jj

•ho-e ms j

2 " e? ^5-
onio rK;
a proct* E

thi-5

-3Ck IH ?^r

. -ri«r ■>: :
r .-.r r-o.

By Nancy Dunne In Washington

THE New York Mercantile Ex-
change, which has* had the roost
success sd'-far with its energy
future confSets, is expected to
face increased “competition if
the" Commodities ; Futures Trad-
ing Commission - approves two
ne w con tracts this month.

7 CFTC w4H consider the'
Chicago : - Board of Trade’s
application Yo trade 'futures In
Gulf Coast heating oil on May
1# and -the CBT’s proposed
leaded -and unleaded' regular
gasoline ■ futures contracts on
May 25. - \ .

Still to be scheduled for hear-
ings "are proposals to trade
leaded and unleaded - regular
gasoline on the Chicago Mercan-
tile Exchange - and the new
York Mercantile Exchange's
reguest 'to .trade contracts on
crude oil and 'options' of No. 2
heating oHr -•

-Meanwhile, the CFTC has
given- the New York Futures
Exchange' <NYFE) permission
- to' trade futures on the New
‘ Yoffi Stock Exchange' composite-
index' of about 1,530 stocks,
Reuter reported,-.'

NYFE is "expected to start
trading the newest and fourth
stock- index futures contract
today. •

Settlement will be in cash
and the CFTC said it advised
the - exchange to monitor this
unusual feature closely.

Par value of . the contract wiH
be S50O- times the spot NYSE
composite index.

Fall In farm
land sales

' By Our Commodities Staff
THE NUMBER of reported
agricultural land sales in the
three months ending March
1982 were 'more than 50 per
cent down tin figures ' for the
same period in an? of the last
five- years according to the
Ministry of Agriculture.

Up to the end of March there
were 88 reported sales, covering
2,600 hectares.' - The' average
price paad^ was £4,169 per hec-
tare and the average sire of the
lots sold was udder 30 hectares
for the- first time -in- five years.

The Mmistry’s weighted price
index (1973=100) is set at 203
for “.the end df March, the
second highest level;] for this
period since 1978.

signs new
with China

BY VICTOR MACKIE IN OTTAWA

CANADA'S Wheat Board has
sijgnetf a new Jong-term wiwat
agreement \rirfi ; the People's
Republic of . China. Senator
Haxen Argue, the Minister
responsible for the Canadian
Wheat Board has announced.
The : three^rear- agreement pro-
vides for the shipment of
bfehteeb 10.5m and 12.8m tonnes
of Canadian wheat to China. : .

This is the largest of six long-
term agreements Canada - has
made with China since. ^1981
and is worth a minimum . of
Cf&25bn at today's, ."prices,
Senator Argue said/ ,

The agreement signed** rep-
resents tives of the Wheat.Board
and . China's National Cereals,
OHs"-aztd Foodstuffs Import ami
Export Corporation calk for
annual shipments of between
3.5m and 4.2m tonnes starting
on August 1 this year. -
The Senator noted that, as
with . previous • agreements,.

separate contracts for the
sales of specific quantities of
wheat will be negotiated
periodically under the new
agreement.'

"Sales made under this agree-
ment will be either for cash or
on credit with repayment
guaranteed by the Government
of. Canada.” he said.

The- terms for any credit sales
will call for 25 pey cent cash
when each vessel is loaded with
the balance payable with
interest ia 12 months, said the
Senator.

The new agreement, he said,
underlined the - excellent mar-
ket potential for Canadian grain
and will be good news for
prairie farmers in tight of cur-
rent prices.

"The agreement reinforces
the excellent trading relations
that have existed between our
trading . nations for more than
20 yeare,” said the senator. .

Winter grain crops are
developing well in the Ukraine.
Moldavia and the central black
earth region af the Soviet Union
with cool and rainy weather
over most of the European part
of the country, the Soviet
weather centre said yesterday,
Reuter reported from Moscow.

Spring barley particularly was
developing well in the Ukraine,
Moldavia and the northern
Caucasus, and soil moisture
was good in general, the report,
published in the agricultural
newspaper, Selskaya 7,him
(Rural Life), said.

Continuing moderately warm
weather was favourable to crops
In the Transcaucasian republics,

it added.

The report said conditions for
spring grain sowing in western
Siberia and Kazakhstan were
good and conditions looked good
for this year's cotton crop.

Rumours unsettle metal markets

-BY JOHN EDWARDS, COMMODITIES EDITOR

A . BEWILDERING variety of
rumours caused, further con-
fusion and uncertainty on the
London 'metal markets yester-
day. Unconfirmed .reports of
peace moves .in the Falklands
crisis offset . hews - of further
conflict making' traders reluc-
tant either to buy or sell.

Nevertheless turnover on the
London gold futures market
picked up again to a total of
1,158 lots of 100 troy ofinces
and the August position closed
over £4 lower at £192^0 a troy
ounce. The bullion spot price
ended 56 down at $336.5.

. On. the London _ Metal
Exchange copper prices ended
the day . higher after falling
back earlier in the day. The
upturn was encouraged by a
firmer trend in New York and
reports of consumer buying
interest

There, was little reaction .to
the statement by Noranda
Mines of Canada overnight in
Toronto declaring force maj-
eure on copper shipments to its
European customers as a result
of the strike by workers at the
giant Canadian Copper Refiners

processing plant in Montreal
that started on Sunday. The
company said that deliveries to
Europe represented about 45
per cent of the output at the
refinery, which has an annual
capacity of some 480,000 short
tons.

Lead and zinc were steady,
with more UJS. zinc producers
raising their domestic selling
prices fur zinc by 2 cents to

37 cents a pound.

There was some nervousness
in the tin - market when the
buffer stock of the International
Tin Council failed to start sup-
port buying during early trad-
ing when prices fell hack. How-
ever, the buffer stock was
believed Id have reentered the
market, at the . lower levels and
most losses were recovering by
the close.

Better gold demand forecast

JOHANNESBURG — There
should be a further strengthen-
ing of demand for gold this
year, while the supply of newly-
mined gold to the market is
unlikely to. increase, according
to Robin Pkimbridge, chairman
of Gold Fields of South Africa.

He told an international
mining conference the rise in
demand is likely to be concern
trated in tiie private sector,
particularly in the Middle East
and For East, and should out-
weight a possible reduction of

demand in the official sector.

Supply and demand were
nearly balanced in 1981, and
there may have been a small
reduction in bullion stocks for
the 'first' time since 1 1972, Mr
Phimbridge said.

He said although the Soviet
Union sold gold at an exception-
ally high rate in the last quarter
of 1981, it is unlikely total
sales for the year significantly
exceeded their previous annual
average of 270 tonnes.

Danish
slaughter
ban spreads

Sy Hilary Barnes jo Denmark

SLAUGHTERING of pigs and
cattle was suspended by
slaughterhouses on Zealand
and the southern Danish
islands of Lolland and Falster
until Monday following the
spread of foot and mouth
disease to southwest Zealand,
the large island on which
Copenhagen is situated at the
entrance to the Baltic.

A herd of 60 dairy cattle
was destroyed on Tuesday
evening. First reports said
that only one of the cows was
Infected but later the county
vet said several animals bad
the disease. There appeared
to have been no links between
the Zealand farm and the
Island of Fnnen, where all the
previous 21 ..cases in the
current Danish outbreak were
located.

There is a suspicion, that the
virus may have been borne by-
wind and weather- from East
Germany, where a new case
of the disease was reported
this week. Both the Danish
and German outbreaks are
caused by a type 0 virus but
it Is not yet been established
by so called fingerprint tests
whether they are identical
varieties.

Mr Arne BJerregaard, agri-
cultural affairs spokesman of
the Christian People’s Party,
called for a ban on all travel
between Denmark and East
Germany. He claimed that
the East Germans are not
taking sufficiently tough
measures to stop (heir out-
break.

There have been no new
cases on Funen for 14 days
and the veterinary authorities
are hopeful that the outbreak
Is over, but in southwest
Zealand county vet Arne
Frcderlksen said it would be
surprising if there were not
some new cases in the area,
not least because the present
wet weather is conducive to
the spread of the disease.

William Dullforce In Stock-
holm writes: Sweden's Agri-
cultural Board stepped up its
precautions against foot-and-
mouth disease yesterday by
prohibiting imports of un-
sterilised dairy products from
Denmark and East Germany.
It prolonged the existing ban
on imports of meat, cooked
meats and second-hand farm-
ing equipment

SUDAN

Sugar industry
an ambitious

EARLY IN the 1970s Sudan-
decided to become one of the
biggest sugar producers in
Africa, meeting domestic
requirement s and exporting a
surplus to the Arab world. A
decade later it has three new
sugar plants, one of them virtu-
ally the biggest in the world,
but still imports half its sugar,
and about 5300m is being
sought to rehabilitate the state
sugar industry.

Showpiece of the industry is
the vast Kenana Sugar Estate,
estimated to bare cost nearly
SI bn and majority-owned by
Arab governments. The
harvesters have been working
day and night to bring in the
last of the season’s crop of
sugar cane, and Kenana is ex-
pected to have produced 170,000
tonnes of sugar when the
season ends in the middle of
this month.

These production figures for
Kenan a's second full season are
somewhat lower than hoped.
They are only about half the
factory's 330,000 tonne capacity,
which is now expected to be
reached in the 1983-84 season.
Considerable efforts are being
made to ensure that next year’s
target of 250,000 tonnes of sugar
will be met.

Kenana began producing
sugar in February 1980, but
completion of the factory was
not co-ordinated with the culti-
vation of the appropriate acre-
age of sugar cane and this
substantially reduced the
capacity utilisation. However,
so far, 70,000 acres have been
planted for next season and it is
hoped to plant a total of up to
75-80,000 acres (around 90 per
cent of the full growing area)
before the rains. The main
problems that have hampered
production this yeaiv+shortages
of power supply and fuel for
transport — are common to virtu-
all all projects in Sudan at
present.

However, the substantial in-
vestment In Kenana’s own
power generating system utilis-
ing bagasse (crushed cane resi-
due) and reliance on foreign ex-
pertise for the maintenance of
machinery, has undoubtedly

BY RICK WELLS IN KHARTOUM

helped -to reduce the disruptions
to production that have plagued
Sudan’s other domestic sugar
factories.

The efficiency of the Kenana
factory itself has been very
high. According to Mr Francis
Shaffer, the factory manager,
mill extraction is running at
96.21 per cent which, he says,
is as good as anywhere in the
world. The crushing capacity
o£ 17,000 tonnes per day has
been exceeded at times.

The original sugar develop-
ment programme bad a target

PRESIDENT REAGAN was
expected to Issue a proclam-
ation imposing sugar Import
quotas, to . be effective
immediately, according to
TJ.S. Department of Agri-
culture officials.

Mr John Block, agriculture
secretary, said In a statement
“ this is necessary to avoid a
massive flow of sugar imports
into the U.&, which would
disrupt the commercial mar-
ket for domestically pro-
duced sugar and would cause
large quantities of domestic
sugar to move into govern-
ment ownership.”

Department officials said
the secretary- would issue
revised quotas each quarter.
Tbe Caribbean Basin nations,
which the Reagan Adminis-
tration has been seeking to
help, will be subject to quota
restrictions as well, but
direct foreign aid payments
to compensate for their losses
from the quotas will be pro-
posed.

of 750,000 tonnes of sugar a
year, of which up to 300,000
tonnes was to be exported. But
tins was frustrated by delays in
the completion of new factories
and neglect of the two existing
ones which fell into disrepair.

Price controls enforced by the
Ministry of Industry did not
allow increasing costs to be
passed on to tbe consumer or
take into account the finance
required to maintain the fac-
tories. Now the government’s

monopoly over the sugar trade
has come under close scrutiny
and the price being paid for
sugar from the local factories
has doubled since last year
from around Sudan£120
(£74.32) to Sudan£250 per
tonne.

Having spent an estimated
Sim a day on importing sugar
to Sudan in 19S1, it was an-
nounced in November that tie
subsidy on the consumer price
of sugar was to be removed
over the next IS months.

An indication of the import-
ance of sugar to the avsrage
Sudanese citizen, who con-
sumes just over 20 kilos
annually (total domestic con-
sumption was 450.000 tonnes in
1981), was that rioting occurred
in Khartoum and other parts of
the country' in early Janaary
when there was a 62 per cent
increase in the price of sugar.

The short-term rehabilitation
programme (19S1-S5) which
aims to halt the deterioration
of Sudan’s fledgling sugar
industry at a cost of around
5300m has been slow to get
under way.

Last year some 212.000 tonnes
of sugar were produced. Of
this, Kenana accounted for
100,000 tonnes with the com-
bined output of the govern-
ment-owned schemes — Assaiaya,
Sennar, Guneid. and Khashm ei
Girba — reaching only 112,000
tonnes (against a theoretical
capacity for the state sector of
considerably more than 300,000
tonnes).

So far 5100m has been
initialled by the Arab Fund
for Economic and Social
Development (AFESD) to
finance the rehabilitation work.
Loans of $45m from the World
Bank and $12m from the United
Nations Capital Development
Fund (UN CDF) are still being
processed, while DM 33m has
been, earmarked under the
German protocol agreement for
the rehabilitation of the
Khashm el Girba and Guneid
factories. But it is expected to
be several years before tbe
original targets' ore attained.

BRITISH COMMODITY MARKETS

BASE METAES

BASE-METAL MARKETS, were krattC on
the London Meuf £xcImm«, . Rumours; ,

SSMtoMlMhr'Btt-

£697.5 and £804.5 before dosing the
lare Kerb at £903. Load moved up to
£338.25 while zinc traded quietly pnor
io ctasTng at £426.5.' , Aluminium was
finally E573.75 end nickel £2.9523. the
latter' in response to persistant trade
support. .Tin fell to -£7.305 in nervous
trading but rained to dose at £7,322.5
following, -support buying by the buffor
stock manager;

fZ325. Afternoon: Standard: Three
months £7310. 15. 20- Kerb: Standard:
Three months £7,325. 22. 20. Turnover;

2370 tonnes. .

TorT

-LEAD

7 a-m.

1 Official

Cah

s months

pjn.

-Unofficial

■"£' ! £ ! f

520.33+6 13M.04.5
388.6-9 l+S \ :

+ or
-t -

+ 6

COPPER

oum.
Official 1

+ -of|. pTm. • |

— (unofficial

+ or
-t

HighGrdej

£ ' !

.£ j £ |

£

B 67 -.fi 1

+ Z. 6 f 873-4

+ 4.75

5 mths

. 897 . 5 ^ 8 . j

+ 3 1 S 03-.5 ■

+«

Settle mt

867.5 !

+ 2 ^

861-3 !

+ 3 - 1 ' 0 WL 6 .

+ 1 JB

3 months

891 . 5-2 1

895 - 6 .'

+ 2 J&

Settiemt

863 -

■Mill

U-S- Prodd

— 1

< — ! • 7 IM

. 557-.S

MtHMfffi 328 1+8 .1- - 1 — .

u-o. ipa* "J*® 8 _ !“•-

Lead— Morning: Three months £337.
38,' 37.5. 38. 38.5. 29. Karb: Three
months £339-5.. 39. 380. Afternoon:
Three months £339. 38.5, 38, 37.5.
Kerb: Throe months £338. 38.5, 38.
Tumovar: 14,600 tonnes* .

B-m. ,twm p-iii- jt”'

ZINC ; Official I— ;Unofflolal| — t

Amalgamated Metal Trading .reported
that io die morning cash higher grade
traded at £367. 67.5; throe months £838.

98.5. 99. 98.5. 98. 900. 899. 98.5 38.

97.5. Cathodes: Three months £891-5.
Kerb: Higher. Grade: Three month*
£698.5. 98.' Afternoon: Higher. Grade:
Three months £902.5. 03. 03-5, 04.1X3-5.
01. 01.5. 02. 02.5, 03. Cathodes: Three
months £895. Kerb: Higher Grade: Three
months. £903.5, . 04, 03J*_ G3. 03.5.
Turnover. 37.150 tonnes.

t-m. "fl-on pmi. f+ or
'lolnll —

i £ ! £ | ' S I £

Caah 1 422- .5 +3 1 421.5-2 -QjVT

S months] 427.B-S +2J; 485-6 j-lJ5
S’ment ,J 422-6 +3 j -■ ;

PrtmWt*! — t *36 ’- 7J5

Zinc — Morning; Cash £422.5; three
months' £427, '26.5. 28. 28.5.' -Kerb:
Three month* C428, 27.5. Afternoon:
Three month* £428. 27-5. 28, 27, 26,
Kerb: Three months £427, 28.5, 26, 26.5.
Turnover 11.375 tonnes.

55, 95, 70. 75. 60. 85. 95. 3,000. Kerb;
Three months £2.993. Afternoon: Three
months £2.990, 95. 98. 95. 99. Kerb;
Three months £2,995. Turnover: 703
tonnes.

SILVER

LME— Turnover: 89 (142) lots of
10.000 os. Morning: Three monthB
3900, 91.0, 91.6, 91.7, 92.5. 92.0. 92.2.
Kerb; three months 391.8, 91.0. 90.5;
91.0. Alto moan: throe months 392.0,
92J>. Kerb; three months 932-0.

Silver was fined 3.25p an ounce
lower for spot delivery in the London
bullion market yesterday at 378.7p.
U.S. cent equivalents of ths fixing
levels were: spot 682c. down 7.8c;
throe-month 707.2c; - down 8.1e; six-
month 733.25c. . dawn 8.C5c; and
12-month 7M.5c, down 8c. - The mots I
opened at 38?-385p (688- 692c) and
closed at 380- 383 p (B88-B90c).

lots of 100 tonnes. Barley: May 114.15-
113.70, Sept 104.50-104.40. Nov 108 JS-
108.10, Jan 11 2.20-1 12. IS. March 115.50
only. Sales: 123 lota of 100 tonnes.

LONDON -GRAINS— Wheat: U.S. Dark
Nprttiern _Sprmo No, . 1 ,14 per cent
May 10-Juno 10 115. June 114> July
lt2.50 transhipment East Coast sellers;
English Feed fob May 124 seller
Ipswich. Meize: South African White-
Yellow May-Juna 90.60 seder. Barley:
English Feed fob June 119.50 Dimness,
Aug . 107 Dimness. Oct 109.76 seHer.
July- Aug 106.50 paid South Coast. Rest
unquoted.

HGCA — Locational ex-farm spot
prices. Feed barley: Eastern 112.00.
E Mida 112.30. The UK Monetary
Coefficient for the week beginning
Monday May 10 is expected to change
to 0.931.

RUBBER

contracts were under review, even in
regularly sought qualities.

WOOL FUTURES

LONDON NEW ZEALAND CROSS-
BR53S— Close (in otderc buyer, sellar
business). New Zealand cents per kg.
May 371. 374, 376-370; Aug 401. 403.
404-401; Oct 411. 416. 413: Dec 414,
417, 417-412; Jen 417. 420. 418-116:
March 423. 428. 424; May 433. 438, 434;
Aug 437. 448, nil; Oct 442. 450. nil.
Salas: 49.

SYDNEY GREASY WOOL — Close (in
order: buyer, seller, business). Ausrra-
lien cents per kg. May 570.0, 571.0.
571.0-568.0; July 56S.0. 566.0. 567.0-
565.Q: Oct 528.0, 529.0, 529.6-528.0:
Dec 528.5, 530.0. 531.0-530.0; March
533.5, 534.0, 534.0-532.5: May 537.0,
539.0. 538 Jb July 544.0. 546.0. 546.0:
Oct 542.5. 544.5. untraded. Sales: 178.

PRICE CHANGES

In tannea unless otherwise etated.

May S ! +or'
1982 j — |

Month

ago

SILVER

per

troy 02 .

Bullion

fixing

price

+ or

LJM.E.

p.m.

Unoffie’l

+ or

Spot-.

3 months.
6 months,
12 months

378.7Qp

59L.06p

404.36p

A30J5p

1|

379.76 p
392J?5p

-2.75

-2J

The London physical market opened
sasiar. attracted lair interest through
the day and dosed uncertain. Lewis
and Pest recorded a May fob price (or
No. 1 RSS in Kuala Lumpur of 199.0

(202.5) cents a kg and SMR 20 177.5

(178.5) .

POTATOES

Alum In m

a-m.

Offloial

+ or! p.m.

— [Unofficial

4- or
- — *

£ !

£ i £

£

550J-U !

|+ 1.5 550-.5

-Jib

3 montha

573-.5

[ 1

+ UJ 572-3 '

COCOA

No. 1

FL5.5.

Short-covering by trade houseo on
the nearby months lifted values but a
lack of foilow-tfirough coupled with
sales by Brazilian shippers in thin
conditions weakened prices at the
close .reported Gill and Duffuc.

TIN

a m. l+or | . p.m.
Official > - Unofficial

High-Gnufo
Cash...

HUM, £ ’ £ 1 £ ,~

^.17145-50 —01 1 7140-60 WlB
5 month* 7325^17 ( 7320-5 LlfJ
Settle m't' 7150 h-BB I .

Standard!

Cash....:..] 7146:50 ^-20 1 '7140*0 S-1L5

ndard!
— itt....;.. I
3 month*
ScttteiTijjtj

+or

-t

£573.. Kerb: Three months CS73. 73.5-
Aftemooru Three months £574. 73. 5, 74 .
74,5, 74, 73. Kerb: Three months £573,
72-5. 73. 736. Turnover: 7,675 tonnes.

'7323.6 f— 17 ! 7320-5 U-17.6

7150 |-2a I —

Straits Ej J629.40 i - (

NewYortC — ■< ^ ;

Tin— Morning; Standard: Cash £7.145.
40, 45; three montha £7,230. 10, 05, 20,
25;. Kerb:. -Sisndard: -Thre»_ month*

NICKEL '

a-m. ■
Official |

+ or! p.m. !
— | Unofficial

+ or
— t

1 1

Spot [2930-3 j + G4,

Smonthsj 2995-8 j+6l|

2925-30

2997-9

+315

+36

COCOA

Yest'days

Closa

+ or

Business

Done

961-52

+4.0

970-46

973-7*

—7.0

998-73

1004-05

-G.0

1027-03

1040-42

1— 8.B

1065-44

March

J 073-73
1092-94

—8.0

-4.0

1095-70

1115-97

July

1110-15

-1.0

COFFEE

INDICES

FINANCIAL TIMES

t On previous official dose.

•Cents per pound. *MS por kilo.

Nickel — Morning: Three months £2,950,

DOW JONES

Following a lower opening values
remained fixed in a narrow range in
fight volume, reports Droxel Burnham
Lambert. Activity picked up os trade
interest attracted daaler selling at the
higher levels.

Sales: 264 (295) lots of 15 tonnes,
nil (2) lots of 5 tonnes.

Physical closing prices (buyers)
were: Spot 56.00p (same): June 53.00p
(52.76p); July 53.7Sp (5360pJ.

SOYABEAN MEAL

The market opened with small gams,
reports T. G. Roddick. Prices remained
in narrow ranges with main interest
concBmroLed in nearby spread activity.

COFFEE

Yesterday's
Close

^tap^AprtTsajMontli agojfaar ago

B44.79 I246.S4 1 245,82 ! 354.50
(Base:. July 1. 1952=100).

Dow
Jones |

May ( May

4 5 -

Month i Year
ngo I ago

Spot j
Futr'a 1

125.46 [125.69 j
130.20 >150.43 1

126.991 —

131.73 —

i£ per tonne

+ or

Busfnee

Dona

(Base:

May ....

1200-04

July

1X50-B1

SepL.

1113-14

Nov„

1104-06

January

1102-04

March......

1090-95

May

1075-96

1-6.0
+ 10.tf

+ 1B.6

+26.d

+ 25.0
+ 25.51

1206-90
116841
111B-B3
1 105-80
1084-76
1065

Yesterdys

Close

+_°r

Busin CM
Done

June.

Aug ust......

October

Doo

Feb-

April

£

per tonne

isejw-ari

155J4SBJJ,
156.10-57 JF
159.08-40.2

142.00- 44.6

141.00- 46.0

+0.1S
— O.SB
+0.45
+0.15
i—OJB>
+ 0^0

157.16- 36.90
138.40-36.00
IMJ846J20
118. BO -36 JO

MOODY'S

REUTERS

May 4|

1

i

i

t

Year ago

1002.2 ;

IlCOS.l : 995.1 i

1061.3

^ May 5 | May 1 * M-nth aflO j Yearago

1508.4 I 1601.3

{Decomber 31, 1981 “100)

1608.3 j 16 79.3

(Base: September 18, 1331=*lbb)

I
I
I
I
I
E

I
I
I
I
I
I
I
I
I
I
E
E
I

Heinold Research
Gold Report

S^nd us this coupon and you will receive a
free copy of the Heinold Research Group
Special Gold Report.

Name .V ^

Address

Telephone Hass.

Office

Heinold Commodities Ltd.
Plantation House, Mincing L®ne
London EC3M3DX
Telephone: 01 -623. 9? tf
Trading Desk: 01-623.9615
Telex: 886566 .

5-6

B

E

fl

ipJ

Sales: 3,230 (1.855) Ices of 5 tonnes.

1CD indicator prices for May 4
(U.S. cents par pound): Comp, daily
1979 123.15 (124.23); 15-doy average
123.14 (123.24).

GAS OIL FUTURES

Tha market opened ex the highs and
fall on weaker physical prices and
rumours thot a cwiae-fln) might ba
near in the Falklands. Prices later
strengthened on a Bteady New York
opening, reports Premier Men.

‘^^raS f4 r H 5T's2K = ‘

Sales: 625 (530) lots of 100 tonnes.

Soyabean OH — The market opened
S4 j 00 higher with a weaker dollar
encouraging trade buying. Closing
prices and business done (O.S. S per
tonne): June 505.00-509.00, 607.00;

Aug 509.00-510.00, 512JX>510J)0; Oct
51 2. 50-513. OD, 513.00-511.00: Dae 513.50-
515.00, 515.50-514.00; Feb 518.00-522 J».
uirrredad; April 521.00-626.00, untraded.
Turnover 140 (46) lots of 25 tonnes.

SUGAR

May.

June.

July

August 1

Sept
Oct.

NOV..

Dec.... !

Jan.,

2S7.W-M.Nn
+ l.MBMJN-W.es
— 0.76>2B7.5I-82JH)
+lJWi2nj9«J0

287.00 -~a2Si290.DOJB.75

090.00 —UMlW3.0B49.75

993.00 +1JH| “

42.50 ■-

LONDON DAILY PRICE— Raw sugar
£119.00 (£120 00) a tonne cif May-Juna
shipment. White sugar daily price
£145.00 (£151.00).

Tha markot was quickly sold off from
overnight levels. Further losses
followed F. 0. Llefn’s estimate cf
world production which was over 97m
tons. Short-covering developed which
enabled prices to recover, reports
C- Gzarnikow.

396.50
300.00

Turnover: 3,198 (2,081) lots of 100
tonnes.

GRAINS

The market opened 25p up old crepe
and I5p up new crops. Hedge soiling
and long liquidations eased old crops.
New crops wore more activB, but
stayed within a narrow range, Acli

No.4 Yesterday

Previous !

Business

Ccn- 1 clou

dope 1

done

tract !

£ per tonne

Aug 1125,7S-26.86i12fl.<D.26.«SIT28JW-22J0

Oct,,,,.. WIJHLBI-H 1M.15 -M.Mi1H.25-28.26
~’ , 156.TO-38J»|

Jan

Marah

May |

Aug

Oct

IMJO-cSJWi

142,45- 42.M

154 .00- 56. Mi

H5JHH3JB

14S.5ff-4B.niH.2S-47.il
150.26-51.11 1 SAJIS- 52 Jiff

162JU-S7.fr!

144JHWBJ6

14fi.MMS.B0

WHEAT

barley

Yostanfys

+or

Ypit'rd'y*

+or

Mnth

ciosa

dose

May-

120.75

— O.flfi

113.70

-0.40

July ^

124.40

108.55

+OJO

104^40

+ 0.16

112J0

+oj»s

108.15

+0.10

116,40 .

+ 0.10

1*2.16

+11. Ih

Mar-

120,00

+0.16

115.45

+ 0.10

Sales: 5,3ffi (5.259) lots of 60
tonnes.

Tate and Lyle delivery price for
granulated basis white sugar was
£374.00 (same) a t onne . fob for home
trade end £225.50 (£226.50) for export.

international Sugar Agreement (U.S.
cents per pound) fob and stowed
Caribbean porta. Prices for May 4:
Daily pries B.35 (8.74); IS-dsy average
9-00 (9.15).

COTTON

Busin use done— wnom; »»r
120.70, July 124.75-124.35. Sept 1C6.6CL
1C8.50, Nov 112.45-112.30. Jan 116 ? «
only. March 129.10 only. Salas: 119

LIVERPOOL— No spot or shipment
Hies were recorded. Users remained
hesitant about prospects, and tended
io avoid further commitments- The
offtake was negligible, and tow

LONDON POTATO FUTURES — All
positions were quieL with values
steadier. The mam business arose
from straddio markets, reports Coley
and Harper. Closing pncea: Nov 64.20.
+0.80 (high 64.50. low 63.50); Feb
74.40, +0.60 (high 74.40. low 73.90):
April 88.5a +0.70 (high 86m low
86.00): May 98.50, +0.70 (high 98.50.
low 93.00). Turnover: 148 (259) lots
of 40 tonnes.

MEAT/VEGETABLES

SMITHFIELD — Pence per pound. Beef:
Scottish killed sides 83.2 to 87.5:
Ulster hindquarters 100.0 ra 104.0,
lorequartors 58.0 to 62.6: Eire hind-
quarters 101 J) to 104.0. Forequarters

58.0 to 62.0. Veal: Dutch hinds and
ends 120.0 » 126.0. Lamb: English
small (new season) 105.0 to 108.6,
medium (new season) 102,0 to 104.0,
heavy (new season) 98.0 to 100.0,
imported — Now Zealand PL 63.0 to
64.5. PM 83.0 to 64.0. PX 60.0 to 62.0.
YU 60.0 To 62.0. Hoggets: English

76.0 to 90.0. Pork: English, undsr
100 lb 38.0 to 55.0, 100-120 lb 44,0 to

55.0, 120-160 lb 40.0 to 51.0.

MEAT COMMISSION— Average Fat-
slack prices at representative markets.
GB — Cattle 102.49p per kg Iw (+1.50).
UK — Sheep 221 .75p per kg est dew
( + 6.96). GB— Pigs 73.32p per kg hv
( + 1.301.

GRIMSBY FISH — Supply good,
demand good. Prices at ship's side
(unprocessed) per stone: shelf cod
£6.00- £7.00, codlings £4.50-E5.80; large
haddock ES.50-C6.50, medium £5.00-
£6.00. small C3.80-E5.00: medium pkrice
£4.70- £5.70. best smaH C3.80C5.30;
skinned dogfish, medium C4.00-CS.00;
lemond sola, large £10.50; rockfish
£2. 50- M. 20: with £2. 3D- £3. 50.

COVENT GARDEN — Prices for die
bulk cl produce in sterling per
package except where otherwise stated.
Imported Produce: Oranges— Cyprus:
15 kg Valencia Lutes 3.80-5.50; Jaffa:
20 kg Shamouti 50 5.50, 60 5.70. 75

5.50, 88 4.80, 10S 4.80, 123 4.60, 144

4.50, 168 4.50; Moroccan: 16 kg
Valencia Lat&s 48/113 3.50-5 JO. Topaz
—•Jaffa: 53/90 4.40-5. BO. Lemons—
Cyprus: 12 kg 3.50-440; Spanis: Treys
5 kg 40/50 1.40-1.80; Jaffa: 16 kg 90/105

4.50- 5.00: U.S.: 17 kg 5.00-6.00; Out-
span: 15*j kg 80/120 4.50^6.00; Italian:
100/120 3.50-4.00. Gwfmit-U.S.:
16-17 kg Florida Ruby 7.00-8.00; Cyprus:
Small cartons 17 kg 3.00-4.80: Jaffa:
20 kg 27 4 .25, 32 4.45. 36 4.48, 40
4.65, 48 4.95. 56 4£5. 64 4.75, 75 4.50,
88 4.00. OitoniquM— Jamaican: 48/126

4.00- 6.00, Apple*— French; Golden
Delicious 9 kg 4 MUM, 18 kg 8.50-
9.00; New Zeeland; 18 kg Cox's Orange
Pippins 13 00-15.00; Chilean: 18 kg
Granny Smith 10.50-11.00; 5. African;
Granny Smith 11.00-1200, Gulden
Delicious 10.50-1100, Starkcrimson

11.00- 1250: U.S.: IB kg Red Delicious

9.00- 14.00: Tasmanian: Cox's Orange
Pippins 18 kg 12JXM3.50. Pears —
5. African: 15 kg Peckham's Triumph

9.50- 10.00, Beurra Base 34 lb 7.80-8.40.
Cornice 34 lb 9.50-11 JKk Italian: Per
pound Psssacrassana 0.14-0.16. Peaches
— Israeli: 18/27 3.0O-4.5Q: U.S.: 32

17.00, Grapes— S. African: Barlinka
5.30. New Cross 6.80-7.00; Chilean:

5 kg Thompson 7.30-7.50, Red Emperor

5.00, Strawberries— Spanish: 8 ox 0.30-
0.35; Italian; 8 oz OJOs Belgian: 040;
U.S.: 12 oz 1.20. Melein— -Senegal;
CtiB rente ie 7/12 10.00-12.00; Chilean:
15 kg while 5JJO-6.00, green S- 00-7 ,50;
Guatemala: 10 kg whin 4.00-4.50;
Colombian: 10 kg green 4.80-5.50;
Spanish; Gfllia 6.00-9.00. Watermelons
—Spanish: 16 kg 9.00: U.S.: 13.00.
Pineapples— ivory Coast: Each 0.40.
1.00: S. African; 5/7 4.20-4.80. Banana*
— Cnlomhzion: 40-lb boxes 9.20-9.40.
Avocadoes— Israel i: 1 CO-3. 40; S-. Afri-
can: 3.00*3.50. Mangoes— Kenyan: 8/16
4.09-5.00: Venezuelan: 7.00: Mexican:
9.00; Mali: 5.00. Tomatoes— Dutch:

6 kg A 6.00-5.40, C 4.80-5.00; Guernsey:
Pink 4.80; Canary: 3.50-4.50. Onions—

Metals , ,

Aluminium £8I0i815L *810/815

Free Mkt. !$085 i1B1S._ J 8885/1015

Copper 1 *

Cash h grade... &873.B 1+4.752835.75

Smths 290325 +4.5j£86325

Cash Cathode..288S +1.752831

3 rrrths 2895.5 + 2252858.6

Gold troy ox..„ *356.5 -6 |S353

Lead Cash 2324 +5JB2323^

3 mths '£33725 +6 £335.25

Nickel 123926 23926

Free mkt. _'239 ( a69c!+4 !s48/278c

Platin' rutr ox*y'2260 — 12260

Freemkt. 1 t 2194.75

Quicksilvert _.'5370/38O' , I 8375/J8S

Silver troy oz._<378.70p — 32& 426,50p

3 mths> :3B1.05p l-3.46.438.10p

Tin Cash ,;«7145 |-lt5!C7167.6

3 mths. 27322 JS — 172'27376

TungstaidDLO Iblff 106 JJ8 | 18120 J2

Woirrm222l0bs<8105i110 1+1.3 [S1B3/105

ZlnoCssh 2421.75 Ud275t£403.S

3 mths 2425.5 U- 1252409

Producers. ._||860j«O0[ IffBGO/ffOQ

GOLD MARKETS

Gold fell S6 an ounce from
Tuesday’s close in the London
bullion market yesterday to
finish at S336-337. The metal
opened at the day's high of $344-
33442 and closed at the lowest
level of the day. There was no
impetus despite the current
Falkland's crisis and unrest in
Poland.

In Frankfort the 124 kilo bar
was fixed at DM 25,680 per kilo
(3343.99 per ounce) compared
with DM 25,935 (SS44.9S) and
closed at $338.25-339.0.

In Paris the 12* kilo bar was
fixed at FFr 67,250 per kilo
($345.02 per ounce) in the after-

noon compared with FFr 67,250
($345.73) in the morning and
FFr 68,000 ($34726) on Tuesday
afternoon.

In Luxembourg the doliar per
ounce equivalent of the 12$ kilo
bar was $344.0 against $343.0.

LONDON FUTURES

Month

Yesfrday'si+or
close . —

Business

Done

August

SoDfmb’r

October..

November

£ par troy |
ounce -
192^0- 2.401— 4.025
134^0-4.401-4.025
1 96. 15-6.S5 -4.050
lOO.BM^s'-S.ESD

197.S5-2.00

i&5.3a-aj20

i98.eo-a.45

Turnover; 1.158 (897) loiS of 1CW troy
ounces.

Oils <

Coconut fPhil) jS495u

Groundnut |S680y

Linseed Crude} J
Palm Malayan |ff507.5v
Seeds f

Copra Ph lip ...!8355u
Soyabean [U.SJ i 8274.5
Grains

I I
1—15 18525
8635

+ 10 "18512.6

| 8340

+0.5 1 5272 ^5

Barley Fut SepX 104.40 +0.15l£103.45
Main . . I i I !fil33.5

Maize 1 _ —

Wheat Fut.JutyXl24.40
NoJHordWIntl : |.

Other !

oommodltleei

121.05

j May 6

| May 4-

Gold Bullion dine ounce)

1

Close IR336-337

Opening „S3 44-344

Morning fixing . 8341.76
Afternoon fixing |8338.40

(£186 M-186 1 4 )
|£19Hl-192i
|£189,493i
(£187.739/

8342-343

5342-3423;

S343.50

15341.76

(£190-1901;) ,

(£189 in-iaO)
15190.147)
(£189.355,

Gold Coins

Krugerrand ]8347i4-348Li

1/2 Krugerrand-. S17B- 180

1/4 Krugerrand— 891-92
lllO Krugerrand 837-38

Maplaleaf..— |S364ie-356i s

New Sovereigns.! 582 -8212

King Sove reigns. 1585 12 - 85 is
Victoria Bovs—... S03ic-S5ia

French 20s Is7 3.7084.00

50 pesos Mexico l?41 3-4 16
lOO Cor. Austria. 18326-328
*20 Eagle* '5430435

(£1921=193)
(£99 100)
l£50>a-Gl)
(£2012-21)
|£196<E-I971fl)
(£45i--4Bj
(£46-47)
(£4847)
(£41l4-4flial
l£228to-S30ls)
|£180is-182)
(£238-241)

$353-355

81811-18212

S92l£-93lc

8373 4 -383;

5353-355

!8823i-83i4

896-98

1596-98
'575-85
18420-423
! 5331-333
18453-458

(£196-197

(£101-1011?

(£5512-56)

1 £21-21 1?'
f£ 19611-1 9 71a)
(£46-461?)
(£5512-541?)
(£551;-54i2>
(£411;-471ci
(£233 5; -2 3 5 1?)
i£ie4V;-186l4>

1 £241-244)

Cocoa ship’t* |£B94
Future July [£973.5
Coffee Ff July '£1150.5
Cotton AJnd«d7G.45c
Gas Oil June-... 8287.5
Rubber (Kile;... 5 Bp
Sugar (Rawj.— S119u
Woolf ps 64* Uj402p kilo!

!=?

+ 3JJ
1—4.76

-1

£973

£962

!£1 186.5

71.15c

*273

53p

£146

395pkllo

AMERICAN MARKETS

i Unquoted, x May. vJune. y Aoril-
Msy. u May- Juno, t Per 76-lb flask.
* Ghana cocoa, n Nominal. 5 Sellar.

Chilean: 3/5 8.00-6J30. Cap si cu m s—
Canary: 6 kg green 2.50-3.50, red 6.00-
6.50: Dutch: 5 kg green 6-00. red 9.00.
yellow 10.C0, white 10.00, purple 10.00:
Spanish; Green 2.00-3.00. Spring
Cabbage— French: 27-28 lb 2.50-3.00.
Cabbage— Dutch: Whin 6.00-6.50, red
4.00-4.50. Carrots— U.S.: 48 x 1 lb. per
pound 0.20; Dutch: 22 lb 3.80. pre-
packed 4.80: Belgian: 22 lb 2.00-2.40;
Italian: lOJtg 3.00.

English Produce: Po t a to sa Pe r S lb,
white 4^0-5.50. red S.CKL5.80. King
Edwards 4.80-5.50, per pound new 0.40.
(Mushrooms — Per pound, open 0JXM}.&},
closed 0.60-0^0. Apples— Per pound.
B ram lay 03Q-Q32. Ida red 0.18-0.23.

Pun— Pgr pound. Conference 0.16-
0.30. Lsttuco— For 12, round 0.80-1J90,
Cos 10‘s 2 .20-2^0. Webb’s 12's 1.80-
2.00. Onions— Per 55 lb 40/80mm 2^0-
3 JO. Spring Onions— Per bunch 0.08-
0.10. Canon— Per 2£48 lb 2.00-2.50.
Beetroot *— Per 28 lb. round 1.00-1 JO,
long 1.20. Swedes — Per net 1 .40-1.80.
Rhubarb— Per pound, outdoor O.OB-O.iO.
Leeks— Per 10 lb 1.00-1.50. Parsnips—
Per 26-28 lb 1.20-1.50. Cucumbers—
Per package 1.80-2 JO. Greens— Per
30 lb Kent 2-50-3.00. Tomatoes— Per
lb D/E 0.35-0.45. Cauliflowers— -Per 12.
Ken: 3.00-5.00. Asparagus— Per pound
0.70-1 JO. Strawberries— Per B oz 0.80-
1^0.

NEW YORK. May 5. ’
PRECIOUS MESTALS wore under heavy
pres Bure as the Falkland situation
developed. Copper was higher on
technical buying although late' profit-
taking pared the best gains. Sugar
was mixed on late short-covering
following a private crop forecast which
confirmed all bearish fundamentals.
Coffee stayed under hBevy pressure
from commission house liquidation,
reported Heinold.

Copper— May 72.55 (71.95). Juno
73.30 (72.75), July 74.25-74.40. Sept
75.95-76 J20. Dec 78.50-78.80. Jan 79.35.
March 81.00. May 82.55. July 84.10,
Sept 85.60. Dec 87.90. Jan 88.55, March
90.15.

■Gold— May 337.0 (343.2). June 339.5-
340.2 (346.5), July 344.6. Aug 346.8-
343.0, Oct 354.5, Doc 362.0. Fob 370.5.
April 382.0. June 387.0. Aug 395.3. Oct
403.8. Decv 412.4, Feb 421.0.

Potatoes (round whites) — Nov 78.3-
79.0 (78.1). Feb 86.8 (86.5). March
89.3-89.8. April 102.8. Sales: 66.

ISihrm'— May 687.0 (688.0). June
692.4 (634.9), July 699.5.701.0, Sept
717.0-720.0, Dec 746.0-747.0, Jan 753.9.
March 772.1. May 794.0. July 808.1.
Sipt 826.1, Dec 853.1, Jan 862.1,
March 880.1. .Handy and Harman
bullion spot: 683.50 ( 688 . 00 ).

Sugar-No. 11; July 8.70-6.73 (8.71).
Sept B35-8JB (9.04), Oct 9,11-9.16,

HIDES— Leeds: Second clears. Ox:
31-35.5 kg S2.0p per kg (eome); 26-303
kg 69.3p per kg (seine); 22-25.5 kg
80.1p per kg (77,5p per ko). Light
cows: 2S.5 kg 70.2p por kg withdrawn
(71 .Op pef-kg).

EUROPEAN MARKETS

ROTTERDAM. May 5.
Wheat— (U.S. S per tonne): U.S.
No. 2 Dwk Hard Winter, 13.5 per cent:
Afloat 204.75, UJS. No. 2 Red Winter:
May 162J50. U.S. No. 3 Amber Durum:
May 185, June 185. July 1S5. Aug 186.
Sept 189. Oct 191. U.S. No. 2 Northern
Spring, 14 per cent: May 187.50, June
195. July 185. Aug 165, Sept 185, Oct
187. Canadian Western Red Spring:
Afleon 200, May 201.

Maize — (U.S. S par tonne): U.S.
No. 3 Yfttiew: June/Jtriy 133-50 traded.
Afloat 137. April 137, May 134.50, June
134, Jufy/Sept 133.50, Oci/Dec 133.
Jan/Mareh 143 e&Uere.

Soysbawns— (U.S. S per tonne): U.S.
No. Z Yeflow, GuXporte: Afloat 271,50.
May 288. So. June 268.75. July 268.50,
Aug 270.75. Sept 271.50. Oct 266.50.
Nov 266.50, Dec 270.75. Jan 275.50. Fab
279.50. March 283 sellers.

Soynnaaf— (U.S. S per tonne), 44
per cent protein; Afloat 240, April
238.50-239, May 335-235-50, May/Sept
235.50 Vaded, Afloat 241, Apr 239. May
236, June 23S50. Mny/Sept 236. Nov/
Match 247 sella ns. Soyemnaf, Brazil:
Afloat 245. April 245.50, May 244
traded; Afloat 250 to 247 (dep. on
position), April 245.50. May 244.50,
May/Sept 246.50. Nov/March 260
seders.

PARIS, May 5.

Coco»-~(FFr per" 100 kilos): May
1018-1030, July . 1070-1086, Sept 1131-
1138, Dec 1170-1135. March 1210-1225.
May 1340-1255, July 1 255-1 2S0. Sales
st call: nil.

Sugar— (FFr per tonne): July 1525-
1540, Aug 1540-1544. Oct 1533-1535,
Nov 1530-1540, Dee 153(M640, March
1 £20-1630. May 1660-1070. July 1700-
1710. Sales at call: Z\.

Jan 9.45. March 10.10-10.15. May 10.33
July 10.53. Sept 10.65. Salas: 10.9S5!
Tin— 569.00-592. DO (550.00-592.00).

CHICAGO. May 5.

Live Cattle— June 70.30-70.35 (69.67),
Aug 66.00-66 10 (65.22). Oct 63.85-

63.95, Dec 64. 30-64.40, Feb 64.10-64.12.
April 64.15.

Live Hogs— June 59.45-59.50 (59.40),
July 60.05-60.20 (60.35), Aug 00.20-

60.05. Dor 57 85-57.90, Dec 53.10-57.B0,
Fob 55.60. June 53.30. July 53.40.

tfMaize — May 273 1 * <Z70\). July

331V282 (281*,). Sept 283-283*4, Dec
28Wi -283*2. March 2984-298 V,. May 305^
Porfc Bellies — Mnv 05.40-86.70 ( 83.30)
July 85.00-85.25 (84.S7), Aug 82.?5

82.70. Feb 75.60-75.40, March 76.20

Mav 77.no, July 77.W-77.20. Aug 76.70
, ®SVfi56 (633*4)

656- 666=3 (667**), Aug 669. Sept
669. Nov 671-071, Jan 684, March G3S‘~
July 7191..

— May 1915-191.7

091.6). July 191 .5-191.7 (192.2), Aug
192.2. Sept 193.5, Oct 133.5, Dec 1S5.8-
196.6, Jan 198.5-199.7. March 203.0-

303.5, May 207.C-207.5.

Soyabean OH — May 20.00 - 19.99
<•?;<*)■ July 20.52-20,51 (20.61). Aug
Z ?- 73 - 0ct Dec

21.25-21.20. Jan 21.40, March 21.80.

May 22.20-22.10.

- c Jl m !£2T. May 353 J“ly 363V
»• Sept 334. Dec 406V406

March 421**, May 42S.

All cents per pound ex-warehouse
unlesa otherwise stated. *S per troy
ounce. r . Corns per troy ounce.

tt Cents per 56-lb bushel, t Cents
P? r H S per short ton

5 SCan. ppr metric ton.
§S S per 1.000 sq ft. f Csnw per
dozen, ft S per metric ton.

Tuesday’s closing prices

New York, "May 4

ttCoeo*— May 1630 (1706), JuJy 1626
PW). S*. w Dec 1721. mSS
1778. May 1813. July 1867, Sales-
1.780.

U°ffw — "C" Contract: May I 40 75 .

J“ly 12fl.00-125.50
(129.01), Sept 121.10-121.50. Dec 117 00-
117^. March 114.00-116.00, May 113.73-
115.00. Sotos: 2.025. 1

Cotton — No. 2: May 87.90 - 6E.10
(67.50), July 69 10-69.20 <69.111, Oct
71.85, Dec 72.95-73.00, Marsh 74,85
May 75.B5-76.2S. July 78.95-77.25, Oct
77.00-77^0. Sain; 3,800.

Orange Juice — May 113.75-1 14. m
(113.70), July 117.10 (117 00), Sept
120.10-120.25, Nov 122.10-122.40, Jan
124.25. March 12S.65-12B.00, May
123-S5-123-90. 3epi
129^9-133.30. Sales: 200.

... CHICAGO. May 4.

Chicago I mm Gold— Juno 346.5-348.0
(349.0). Sept 257.8 (360,5). Dec 389.1*
March 381.5, June 3S3.8. Sept 406.4.

iorapanics and Markets

INTERNATIONAL COMPANIES and FINANCE

Finandal. limes 6-1982

Gould to
sell

electrical

business

Canadian Pacific profits
plunge in first quarter

ST OUR FINANCIAL STAR 7

Armco
warns of
bleak
outlook

BY ALAN FRIEDMAN

By Our Financial Staff

jOULD* the Illinois-based elec-
Tonics and electrical products
iroup, plans to sell a major part
if its electrical products busi-
ness in the current quarter.

?.Ir William T. Ylvisaker.
.bairnian, said in iiis annual
■eview that the operations to be
sold include the low voltage
iistrihutinn and controls and
:he electrical components opera*
tions. They are expected to bare
sales of about S300m this year.

EARNINGS at Canadia nPatitic
Ltd, Canada’s largest transport
and communications group,
were sliced by twolthirds in
the opening quarter of this
year, from C$133.4m to C$4€.9m
fU.S.$42.6m) . and the -board
warns that the second quarter
will show a further fall from
1981 levels. For the whole of
fiscal 1981, CPL profits fell
from C$583m to C$483 sl
P er share earnings for the
latest three months were 65

CP ..Air subsidiary which- first' quarter hiss o f -C$3.4m
doubled its loss to G52Q.9m In against C$20.3 m. CP Trucks’

By David Lascdles in New York

the quarter, is considering a
further delay in taking de-
livery of the four Boeing 767
jet ..aircraft at -.present sche-
duled for 1985.

Mr Frederick S. Burbidge- the-
chairman, told the annual meet-
ing in Montreal yesterday that
even if the economic outlook
Improves in the latter part of
this year ‘it is likely that profit

profits felf
C$llSm.

to C$4$zn ' from

. Earlier this week, Canadian
Pacific Enterprises, the non-rail
holding company of the CPE
group; - reported first quarter
earnings of C$69.1m or 49 cents
a share, against C$10 1.3m. or
72 cents a year earlier, - !

The decline was caused

“GRIM AND terrible" is
how senior executives of
Armco, the large U.S. steel
company, yesterday described •
the state of the US. steel.

SNCF. the French state railway,
ir raising DM 100m in the Euro
D-Mark bond market. The 10-
year issue, launched yesterday
by Commerzbank, carries a
coupon of 8f per cent and a

this debut issue. .

Belgium is also placing paper
privately; in this market; Credit
Suisse is arranging . to the
placement -of SwFf 50m of five-
year bonds bearing 3. 7f per

at Total
group

By Terry Dod worth in Paris

price of 89J to yield 8.67 per cent coupon.

cent By late afternoon the The Phflip Morris SwFr 100m

new bond had been well re-
ceived and was being quoted at

year bonds bearing a. 7f per THE S HA RP deterioration in
cent coupon - French oil company earnings

The Philip Morris SwFr 100m year wes confirewd fast
issue was priced last night with

industry as it goes through ‘ between 99i -and tissue price.

The plans are part of the Revenues improved to C$3 ; p?bn
group's Firategy of focusing on from C$2.8bn.

cents, a^ihst. C$1.86 last year: time..”' ... . ;

Revenues improved to C$3.09bn .' First . quarter " net income

from CS2.Sbn. - ' from its' CP- Raff unit fell -to

where it
maximum

>Iectronics sectnrs where it
aopes to attain maximum
growth.

Mr Ylvisaker said Gouid ex-
pected earnings to Increase by
in average of at least 25 per
rent a year as result of its trans-
formation into an electronics
and electrical products group.

Gould is forecasting record
earnings for 1982. Last month
It reported first quarter profits
from continuing operations . up
10 per cent at $20.7m

The group's growing emphasis
on electronics involved the sale
in September last year of its in-
dustrial products group, and

under severe pressure for some mainly by depressed results in
time.”' - -i' - to mining and forest products

First quarter net income : eusbidlaries. ^This' in turn’' was
from its' CF Raff unit JeS.--to’ due to the world recession and
C$13.9in,€P $hi_ps reported . a low metal prices;

CPL also disclosed that - its C$13Jta,. CP Strips reported , a

N Telecom

venture

BY ROBERT CfBBSfS « MONTREAL

NORTHERN; .= TELECOM*-'., lfce constriHgtion of : # r/G$3m TeJto was to»proride marketing,
largest manufacturer of lele- OLS.$2^»n) factory distribution and installation,

communications equipment in ^ prbduce.dfeital equip-. •> ^ 1

Canada, has -dropped out of. a meat at Celaya, .50 . inHes Sroni ■# . B^ncomer^ SA, the largest
joint venture in Mexico because MeWCity. ■ - v-.> * • private basj m Latin Amenca,

of the financial problems of its y. T fie : factory was t6 -"make.

pa ?2 er \?™ po , I ? dustrial P*? ^witching systems for business, this v£r mSSS

Alfa, Mexico s largest pnvate .p^^y from component -and. Espinosa Yelesias. chairman

hnldmcf Mimnanv. ormniinivil nn i.- vit 1 - . r-- . Cia pmns a igiesias, Ciiawuucui,

:# Bancomer SA, the largest
private bank in Latin America;
is confident of maintaining its,
'leading position in Mexican

the acquisition in December of holding company; announced on sub-assemblies exported ;£rom '^jjj that 1981— which saw Ban

America Microsystems, a custom
semi-conductor producer.

La^t month, it sold its port-
able battery division to France's
state-owned CGE for an undis-
closed sum.

Gould also authorised yester-

Tuesday that it was negotiating
to sell -to its government 12 of

Canada.; .It was to be the tese lift profits by 22 percent

for . greater penetration ; ofrjtlie- t0 uSS158m— haa been another

: tp CQ nv„ A 2Z :P T • ■ . iu uwjotir— jiau urai dut/iun

‘JL 5S L market lot W?*** I™ o! sn>wth far Mexico, fcj

ago, Alfa suspended principal Telecom:
payments on its $2.3bn debt - .

because of cash Sow problems. *

Northern Telecom said yester- -J™"?

.- For the past two
Northern Telecom has

contrast with the slowdown in
industrialised countries. But
the devaluation of the Mexican

uuiuu diw duuivuaeu jvatri" iivimau 4ci«.um «uu . ,, , j. „ . , » __ . _ -• ..

day the purchase by the group day that Telko SA, the joint a rate of curreimy in February this year

of 1.7m of its 44m outstanding
common shares.

venture company set up with
AiLfa in January 1981, has halted

almost C$1 in a year.

In the expansion programme

render's the outlook for the
bank ** less predictable.”

Banking boutique-style in Beverly Hills

BY LOUISE KEHOE IN SAN FRANCISCO

BANKING

Beverly

Mr Matin sees his typical

means providing the affluent client as a foreigner arriving
with personal services much in -the Uj>. with money to invest.

broader than a cheque book the need to buy a home, and to

and a safe deposit box, accord-
ing to Mr Ronald H. Matin, who

establish local credit facilities.
He will probably not speak

plans to open the International English. IBNA will give him a
Bank of North America (IBNA) ride from the airport, plush
later this year. surroundings in which to

i SS estate business, a mortgage.

attentions. The bank office will
have a boutique atmosphere,
says Mr Matin, noting that
boutiques do particularly well
in Beverly Hills. “ As a boutique
hank we will co-exist comfort-
ably with the major banks —
they arc the equivalent to the
supermarkets." he suggests.

investment advice on the oil.
entertainment or venture capital
scene, and almost anything else
he asks for, “including taking
his kids to school."

Mr Matin hopes that foreign
banks with clients moving to
the U.S. will refer individuals

to IBNA. Even if the foreign
bank has an agency in the U.S.
it is usually not set up to deal
with personal services, he
suggests. “They will welcome
the solution of handing the
visitor over to us."

In LBNA’s favour in attract-
ing correspondent banking busi-
ness will be the fact that it
does not represent a threat to
the foreign bank. “If they
send him to Bank of America
he may never come back to
them.

“I hope that we can attract
that portion of -their deposits
which resides in the! US . — by
building up 3 dose relationship
with tbem and giving good

advice.”

Mr Malin is unconcerned
about competition from major
banks which 'have recently set
up special operations to attract
affluent foreigners. •

“I -am starting tbis bank
because of my frustrations in
referring ‘ clients' of ‘ my ’ law
practice to major batiks. The
headquarters of the bank may
well be set up to deal with the
spetiaL needs of the rich, but
at the branch . level those
sen'ices'cbnapse.”

Mr Matin .expects the new
banking venture to be capital-
ised by the end of July. Local
bankers believe he is seeking
around Sam to $10m.

its worst recession in decades.

At a meeting of securities
analysts in New York, Mr
Daniel Boone, president
said: ‘'I guess well all have
to write off 1982."

Armco recently reported a
75 per cent decline in earn-
ings for the first quarter of
this year* . from. 669.7m to
$ 17.7 m. Foil year profits for
1981 were, slightly up to
529A5m. While the execu-
tives refused to -forecast earn-
ings for this -year, they held
oat . little hope, for early
improvement'

Virtually all of Armeo’s
business segments have been
hit. Carbon -steel and iron
ore mining .are suffering par-
ticularly badly. Bat the
promising oil, industry equip-
ment business Is also down
because of the fall-off in oil
»«»it gas . exploration. Mr
Boone estimated that the
market for oil industry foods
currently - has a six to 12-
.. month surplus. ;• . , : -

' ArmcoY diversification into
financial services, mainly in-
surance, is sufferng from high
interest rates and the
cyclical downturn in the
Insurance market.

The company is working at-
60-65 per cent of capacity and .
has laid off 3,300 of its
28,000 workers. Mr Boone
said many lay-offs would have
to be permanent as his com-,
pany sought deep-rooted
improvements in productivity.

Armco hopes for an upturn
in the market towards the
end of this year and could
see a modest- improvement in
profits in the final quarter.
Even so, total steel. shipments
in the UB. will be well below
last year’s 87m tons. Mr
Robert Boni; group vice-presi-
dent for -the . steel business^
said the worst level would be . .
70m tons, 'but shipments
could be about 10m tons
higher.

The Armen executives said
they were' cutting costs wher-
ever they could and were,
going for . higher cash-flow
even if this meant a reduc-
tion in eanungs.-

Today sees the ldunch of a
DM 100m issoe for Escom, the
South African electricity supply

a 6| per cent coupqii atlOO^ to -, 4 es Pbtroles. (CFP.), to Total
.yield ,6.19 ,-fiec -.-oejik. The ^se net consoktiated

■premium pricing, tonus*. Swiss prefix. £ave ' fallen from
Bank ” FFr 5lm to FFr 870m <$14Sm).

quality reputation of the bor-

Eff Aquitaine,

commission. ■ Dresdner Bank rower in Swit2Jeriapd ; . . i second largest French oil group,

and Commerzbank are leading In the Eurodollar bond mar-. CFP Mamed losses in its
the issue. . ket prices of recent bonds rose refinery and 'distribution diW-

Prioes in. -the Euro D-Mark \ poiut ih moderate, trading, aim for^iie major part lo ttos'
sector edged J p«nt higer and- The market _is; "istiH; straggling decHne^ /wfeJe' profits in ttos : 5
the market was encouraged by to dig^t . hew : issues,’ but ’is. divisioi| . had!^i?affefed -thrrihgb.^
the weakness, of .the U.S. dollar... slightly: . -'-Ayr ;-jvA-- twt- to Wpiftivto-. ccaopany . "

the weakness of the U.S. dollar.

«it-;to wb company

Swiss franc. foreign: bond prices healthier ^ioya^ir^-to,Ne.w j Kdd, 'ct:_b®d betm, Wt pagrtaev^ 1
ciiotidir ■?« Hot,* tvoiiiflcr York bond maifeet. " * "

fell slightly in toiling. York -bond market ' r : - - v " .-^'r JHsce becato r

The City of Kobe is offering - The Quebec l^W Tiansipdlr- }»rice -refined. '^t>- » .<-

SwFr lOftm of 12^-year. bonds in tatkra Commission,.-- bari^ed-.^ ^by dttete - had jkn: allowed -to cam-
the Swiss foreign bond sector. the Provinee of Que^ec.- iira^- pany- fir f«^ip : c<^. nicreases '

The yield indication 1s Bf .-per lug C316 iel in the Gafiadiait dot .'caused hy'to-zase'dn'ihLe'dtokni . < w-
cent, which -is. reasonable vin. lajr sector wife five-year paperl a'AAAit thod- if tfte -riank. " P 1

view of the guarantee of .the; bearing a 16J perV<*ht doubS ^

Japanese. Government Union and priced at 99£toyield 1658' t

Banfc^f.Swftoriand is lead, percent M

manager^ Credit Lyonnaisr- rKreietorfr »

J 1 *?*' and Soeiete GeneratetiaBsnque. S^S&vSSSSIffiS---
has.- been , arranged for Benelux investors -.continue' rhr • w

niMiageri -- — -r- _ r. ' -Credit Lyonnais^ Kreie thank

A SwFr 65zn private- place- and Soeiete Generate ffe Basque.

meat has - been ^arranged for

Gabon^s West- African Drilling buy bigh-ctmpon Eanadfaii doi-

company. The- paper carries a
9| per cent coupon over seven
years. Citicorp; is lead-managing

lar bonds, ft seems, witl£-rela- 1 • . — .

a IOSs Of FFY aiBbn:: -;:-: ' -

V iiffils . figure jwWdt*. -CFP

quality of borrower.

Sweden to raise $500m

BY QUA EUROMABXET5 STAFF

THE KINGDOM of Sweden is
raising 3500m through a five-
year credit geared toward , to
U.S. banPang market. Morgan
Guaranty end Chase Manhattan
have received a mandate to put
together the transaction, which
will be renewable for an
additional three years at the

rate 'wifi' be the CD rate plus
100 basis points.; •• ' :

I its ' performanre,iconn»resv^^
a- -Shniiarly-calcQIated pn^.bf
[ FW '700?njiii ;l9roi • ? tC J- .3, '..
.. j^ash fimv also fell ’fasti year,
Worn FFr 9^ha-4o FFr -fifibh,
rarad-the ccnhpany/cih; is- cajnl^
pending Jiy, about 9 pdr- cent
fr om F Fr TFr .SJShn. /

' . CFPs tonbver tose by -22 per'

Fur -the period, .of - years six, 1 cent from TOlfin to FFr

to if the lender wishes to leaving to group ^I ah'eaff flf

continue, the interest will/be at I Elf Equitaine , (FFr 104bnL as

prime plus i per cent unless to;
prime exceeds the CD rate, by
XIO basis 'Points, in winch case

to largest'- French concern ;la
this sector." V- -' " 1 ' ■ -i : >..
The - .' sales', increase ■ was

lenders' option. There wifi be over the CD rate.

to- rate wifi be 110. basis points I achieved -despite _a_ drOP^in, -the \

a four-year grace period. -
The credit consists of two
trendies. Lenders may choose
either or r a : combination. •

The first -tranche pays interest
at to U^. prime rate plus i
per cent or to 90-day certificate'

volume of mi- product -sates,

of deposit (CD) rate, -whichever night that the Sweden deal was

is higher. .If the prime rete
exceeds the - CD rate by 110

The second tranche allows which fell from fiSm tonnes %>: t
the lender to “locfcjn,” at 80 48m tonnes. CFP sadd that' f&e '
basis points over the average of turnover increase was explained 1
the 90-day GD bid rate for five by the coirveraion of ^oflajrsales >
years, and- 85 basia poihts : into francs. . . l
thereafter. 1 /' On to refinery side; French l

Morgan ■ Guaranty- said - last - companies are hoping . 'for -&• ,
night that the Sweden deal was steady .' improvement -4n profits ]
to first time that CD pricing this year.--.Ai recent 'deal -with , \
not related to the D.S.- prime the Government will linScFrench . !

to first time . that CD pricing
not related to to fa.S.- prime

basis points in two consecu- rate bad been, used foe a-iaon- 1 refineit priees-miore closdy jo !
tive weeks .however, the interest. U^. borrower. }:. : • /v ^ ' I world market conditions, thus '

FT INTERNATIONAL BOND SERVICE • !

NEW ISSUE

These Nates baring beat said, this announcement appears as a matter of record only.

APRXL1982.

U.S. $50,000,000

A/S EKSPORTFLNANS

(Forretningsbankcnes Firumsierings- og EkspankrcditunstiVttt)

(Incorporated in efie Kwgdam c/Ntr, say)

14!4% Notes Due 1989

Moore hit by
currency factors

By Our Financial Staff

MOORE CORPORATION of
Toronto, the world’s, largest
business forms manufacturers,
reported first quarter earn-
ings down to US$25m or 89
cents . . per • share .. from
US$30 J2m or- USSL0S -per
Share. . - -

* The. company, which does
more than 60 per cent of. its
business in to U.S., blamed
the -fall . on adverse -currency
translations, lower - invest-
ment ' income and to
recession. Revenues rose to
US$475m from US$456.7m.

For the whole of last year,
Moore’s earnings were a
record US$115.4m.

N. AMERICAN
QUARTERLIES

Credit Suisse First Boston limited

Dennorske Creditbank

BEK EH INDUSTRIES

Amro International limited

Bergen Bank

Citicorp International Group

Christiania Bank og Kreditkasse
' Deutsche Bank AMengeseDschaft

First quarter S

Revenue 54.8m

Net profits t2.l9m

Nm per 5h*re - 10:19

t Loss.

STRAIGHTS . Issue

A ama Ufa 15 86/97 150

A max Int. Fin: IP, 92 . 75
Amex 0/5 Fin. 1«V 89 75

APS Fin. Co. 1ft S3 ... 7S
Armco O/S Fin. 15\ 86 60

ATT 14\ 89 400

Baker (nt. Fin.- 0.0 92 225
Burroughs I nr. 15Y 88 SO

Cenedeir 194 87 150

Can. Nat. Rail 14», 91 100
Carolina Power 16 s , 88 60

CIBC 16 87 MO

Citicorp O/S IE 84/92 100
Citicorp O/S 15 1 * 85/97 125

CWA 15 7 ! 97 . 75

Con. Illinois 15*. 88 ... MO
Duke PWr. O/S 15S 89 60

Dupont O/S. 14*i 68 ... AOO
Dupont O/S Cap. ao 90 300

6CSC 14V 87 1 50

EI8- 15V 89 ISO

Ekspart&nans 14 1 , 89 50

Gen. Elec. Credit 0.0 92 400
Gen. Elec. Credit 0 0 93 ®X>
Getty Oil Ini. 14 89 ... 125
GMAC O/S Fin. 16 88 150
C-MAC O/S 15>> 85/97 100
Gulf Canada Ltd 14* 92 100

Gulf Oil 14^ 34 175

Gulf Oil Fin. 0.0 92 ... 300
Gulf Slates O/S 16 90 SO
Inr.-Am. Dv. Bk- 15H 87 55

Japan Airlines 151, 88 '50
Japan Dev. Bk. IIP* 87 50

Nat. West. 1A»« 91 100

New Brunswick 16 V 89 . 75

OKG 15 s , 86/97 50

Ontario Hyd. 16 91 (N) 200.
Pea. Gas & El. 15* 89 SO
Pac. Gas & El. 15>s 89 45

J. C. Pennav Gl. 0.0 94 350
Phillips Petrol 14 89 ... 200
Ouebec Prov. 15 1 * 89... 150
R.J. Rvnlds. O/S 0.0 92 400
Saskatchewan 16 89 ... 125

Spam 15»« 87 MO

BENEFICIAL COUP

Hambros Bank Limited Kredietbank International Group Merrill Lynch international & Co.

First quarter S

Net profits 18.5m

Net per- share 0-63

AlgemeaeBank Nriprimfl KT. Anreriom Express Bsak Arab Banting Corporation (ABC) Bama CommerdalcItaSam Baaca id Gotlardo

Book of America ThI w i mU mbiI

BankorBdsiiddl4d.

Baric Mees & Hope NV

Basque Azatae et tetematnmale dTurestfasemutt (gJLXl) ■

Baoqpe Bntsdks Lambert S^.

Baafc gf TtA cyo TnlpraBtitmaf

• Baoqne Eraa$atse in Comseeree EiJcriear

EMERSON ELECTRIC

1961-82 19804H

Second quarter S S

Revenue 919.9m 911.1m

Net profits 78.36m 73.66m

Net per share 1.14 1.07

. . Six months

Revenue 1.78bn 1.71bn

Net profits 150.21m 139.94m

Net per share ' 2.18 2.04

Statsforatan 15\ 87 ... 50

Sweden MS 88 150

Sw. Ex. Cr 164 84/93 75

Swed. Ex. Cred. 1S<4 83 100
Swed. Ex. Crod. 0.0 94 200
Texas Eastern 15 7 * 88._ 75

Transcanada 16 89 ... 100
Weris Fargo I. F. 15 87 75

V/MC Rn. 15V 88 , 50

World Bank 1F« 88 ... 250

Issued Bid Offer day weak Yield
150 10T 1 * Ml*, O -IM, 14.50

. 75 102*2 103 +0>, O 15.67

75 ... 97V 97i -HV,-+0^14«I
7S 103V 103V +OV .-0*t 15L3S
60 100‘j 101 ^0*a +0V 15.05

400 101V 101V 0 — OV 13.87

225 20VZ7V 0 -OVM34
SO toy, +OS -O', 14.62
160 Ml Ml 1 * -0* -0’s 16.08
100 - ya,.Sft +0*4 .-“0^ 14.75
60 104V 105*, 0 —0 s , 1525

MO 1027,103*, +OH
100 98V MO* +0V 0 14U9

125 Mil* 101V O'- -0V 1440-
75 .S9 7 , 100V +0V-0V1593

MO 102V M3V -0V tOV 14.98
60 100V W1V +0V 0 15127

.400 100V 100V +0V -0V 1432

308 36V 37V +OV +OV 13-66

50 . 99V' 89’’, +0V “OV 14U3
150 MOV M1V +0»4 -OV 15^2
50 97V. 98*, +0V +0V 1««

400 . 29V 30V +0V +0V 13.10
■400 • . 26V 27V +0 T « +OV 12.96
125 98V 98V +0V +0V 1432

150 10ZV 102V 0 -OV 15-27
100 9BV 99 +0V.-0V15.7B

100 98V 99V -OV -OV 14.91

175 98V 9BV -HP, -0V1433

300 28V 28V +OV +0V 13.63

80 99V 100 +0V -OV 16.04

.55 99V 99V +0V -OV 15.19

50 101 10TV +0V -OV 14J7

50 102V M2V +0*4 mOV 14^4

100 MOV 100V +0V -OV 1438
75 . 704Y705V +OV +OV 14 M
SO 98V 99 +0V 0 16.73-

200. 105V 106 +OV -OV 14.78
SO 102*, 70S -OV -OV 15.01
45 10ZV103V “OV -OV 14.79
350 21V 22V +0*a +0V 13.66

200 97V 97V O 0 74.62

150 TOOV 100*. 0 -0*4 15.05

400 27V 28*, 0 0 13A4

X25 103V 704V “OV -OV 15.02

TOO 98V 99*, +0V -OV 18.99
50 99V 100V +OV -O*, IS. 63

750 3SV 96 +0V — OV 15.51
75 101V 102V +0*, +0V 15.34

100 100 100V +OV +0V 15.16

200 -20V 21 -«-CV+0V 14.20

75 102V 103V +OV -0*4 15.03

100 101V 102 -0*, -OV 15.53

75 100V 107V +0V -0*4 74.62
50 98V 99V +0*4 -OV 15.65

250 lOO 1 , 101*4 +OV -OV. 14.94

OTHER STRAIGHTS lun
Can. Pac. S. 16V 88 CS SO
Crd. Forrclar 17V 83 « - 30
Mprtirear U 83 QS ...... 60

Qu*. Hydro 16V 88 CS SO
.Quebec Prow. 17, 88: CS 50
-. Simpsons 15V 89 CS ... . -40
Tordbm .Cpri. 16V 88 CS - 25
U. Bk. Hwy. 9V 90 EUA 18
. Algamena Bk. 10V 86 FI . 60
- Amies Group 12V 86 H • to
.- Amro Bank 12 86 Fl • 60
Phil. Lamp.* MV S7 R 100

. Piaraorr MV 8&-FI. ^.... . 50

> Rabobank 12 86 FI 50

' OKB U 88 RV ...... 400

S6fttey.et C.-14V 86.FFr s 20O

Issoed Bid. Offer .day T wnkiyiald '+**-
SO tS8V, 80V. O’ P ■ 16.61- , £•

- 30 ISBV 99V 0. -s.0-.1M8 I ^ „

. 60 -tKH*z5Q2 U : -^16.52 V

SO 199V . f -pj 1V53 ■

50 tlOlVlQSa . 9 U^toA3 £
to 195V :96V -OV m -

- 25 MO -: 39V' . O *?■>

18 .89V MV — OV iO?3U48 ' £. ; "

. 60 . Ml _;10T\ +0V +0V 992,. T. -
to" lOSVlOBV +OV40V.MJS r2 -
SO M8VM6V +OV +OV 1(tl2 r
100. MOV Ml . . — . — 1094, » L-
. SO 100 . MOV • • o . -OV 1^14 :: \i- '
so 105V 108V O +OV1RW . V
400 -9V +OV 17.12 -

s 20O . S2V 93V -OV +0VT7to -r...'

C«B U 0& RV -.‘.L -. ....... dOO -91V-SZV -OV +OV 17.12 -#L_

S6fttey.et C.-14V 86. FFr 200 ? ' ;82V . 93V -OV +0VTW8 ^ 1

Aeon* t4 to £^— . 20 ' -94V 95V ' 0 -+2V'1Bto. : '/.i- >

BaneTLCial 14V 90 < (D) ,-20 ; 86V 87V -OV -OV1M2 ; ‘

Amp T7Q.-Q1 rs-- * - n; .ooL. ou.~ n j.iu_ iEm . ' ^

BNPT3V91 15

CECA 13V 88 £ 20

Fin. E*. Cred. 13V. 86 £ . 15
Gan. Elec. Co. 12V 89 £ to
Hiram Walker 14V SS £ 2S
-PriveUwnVen 14V 88 £. 12
Quebac 15V 87 £ ...... 36

Raed.(Md}-NV 16V 89 C 25
Royal ' Trostco 14 86 C ■ 12
SDR. France T5V 32 £... 30

Swad. Ex. Cr. 13V 36 E 20
Evmffma 7£>V 87 LuxFr 500
E1B-9V S8 LuxFr 1... 600

-MV- 90V O +0V 1581
83V 94V O - -0V1*95

tov. ssv +ov o swqv.'i

91V 9ZV +0V+0VVU3 ?=*■'
96** 97V 0 -8V-1SJ*. ■ ^'.e -
B3V:toV+0V 0 16.73 <

100V 101V 0 ‘+0V 15.17
101% 102% 0 . +0V 18.17
96V »V -DV -OV 15.0* '

98 98V -0% -OV 1582 -

96% 97% 0 +OV 14.74
96% 97% -0% -0% 77-26 .

94%" 9SV -OV +0V 11.04

FLOATING RATE
NOTES Sprc«

'Allied Irish 5V 92 ...... 0*4

Bank- ol Montreal -5% 91 OV
8k. of Tokvo .5% 91 (D! OV
BkV Noire Scotia 5V S3 fl%

BFCE SV 88 OV

8FCE 5V 87 O**

Spread Bid . .Offer C.dte C.cpn C.y1d: .
.. 0*4 98 9BV 15/10 15.68 1557

17 OV 98% 99% 29/W. 15% 15J0
II 0% 98%' 89% 10/6 "i3V - 1340
B fl% 99. 99V 29/10 15% 1524-
.. OV 9»V 89% 28/10 75 15.»

.. 0*4 99% 100 73/7 16V 1629

CCCE 5V 2002 0% - 38V 88*4 11/6 14^2 1554

Cc-Barr Eurotin 5*, HI... 0% 98% 99% 14/70 76 M.16

Credit. AgricolQ 5*. 97... OV SO 99% 24/9 15A4 15J5

Credit Lyonnais 5V 97..-. OV' to% 99V 1/10 16 16.06

Credit Nflt. 5% 54 *0% 98% 98% 9/6 14.99 1459

Danmark. Knadm. nf 97 0>„ 739V 33% 25/8 15.44 1552

Dan Norske Cred. 5V 93 OV 97% PBV 4/8 13.56 13.8*

Genfinjnce 5V 92 OV 99V 700 . 30/S 15V 1554

GZB 5V 92 *«V 98% 99V 8/6 . 14.94 .15.0?

Average price changes... On day +0% on week -0*,

DEUTSCHE MARK
STRAIGHTS * Issue

Australia 9% 91 i 300

Australia 9% 91 200

Camp. Tel. Bcp. 10b 92 100

Denmark 10 88 TOO

Denmark 10V 92 100

Eaoqoe Gaterala dttLnxemhogg SLA.

Baag^ tie lTndortiiBe et de Suez

Banq^ueNationale de Paris

Baaqtte dc Pam et desPays-Bss

Banqne Pcpnlalre Suisse fiA. LuxanlxHHjf

Basque Priyte deGcstion Financiire

Baixpie ’Worms

Baring Brafhea & Co*

Bayeriscbe Hjpotbckm- und 'Wechsel-Bxnk

Bayafsdie Laodesbflixk Glrozcatrale

BcrGser Handels- oad Fraricfixrfer Bari:

EDFSVK MO

EEC 10V 93 - 100

EEC 9% 94 200

SI 8 9% 88 60

I m Br- American 1QV 91 100

Ireland 10% 86 100

Caisse dcs Dep6*3 et Caiffflgmtfams

Cbsse Manbattsa

Chemical Bank International

Oa ri dc n Bank

Commenbank

Copenhagen HaB&IsIaric A/S

Gonsfr Baafc

Credit Indnstrid et Commercial

Credit Lyowiais

Credit Sosse First Boston (Aria)

IkM .

First quarter

Revenue

Net profits ....
Net per share .

■ 1881
S .5
112.1m 10l.8m
8.29m 8 -27m

Mexico 11 88 100

Mr. 6k. Onmk. 10% 91 100
Nacnl. Financiers 11 90 150

Nat. Wear. 9% 92 100

New Zealand SV 89 ... 200

0K8 9% 86 150

Ousbee 10% 92 750

JNTERNORTH

„ « fluebcc Hydro 10V 91... 150
q.P3 u.M Tauorn autobahn 9% 9* 50

Ci«dltaiBtalt-BfBikvaEhi

DriwaEtmwe

UiM.

Den Danske Bank

Deoftrite Girooafraie
-TJcutsclje Kctnmtasalbani:-

DG Bank

Canute!

DOknt, Read Ouaoeas Caipantku

Dominion Securities Ames

Li>M

DfesduerBank

MducadoW;

European Baring Compare

First quarter

Revenue

Net profits ...
No* per share .

1982 1981

s. s

1.45bn -1.l4bn
106.64m 116.96m
2.40 2.61

Venezuela -11V 91 100

World Bank 9% 89 100

World Bank 10 91 250

Change on

■ Issued Bid Otter day week Yield
. 300 104% 106% +0% -0% 8.61

200 104% 105% +0% -OV 8.67

! 100 101 101b 0 +0% 70.28

100 102% 103% - 0*4 0 9.29

. 100 103% 104% +0% +0V 9.51

. MO 102% 102% 0 -0*« 857

. 100 104% 104% +0% -0% 9.43

. 200 103% 103% 0 -OV 9;Z5

60 102% 703% +0V +OV 9.10

100 105% 106*, 0 +0% 9.22

. 100 102 M2V 0 +0% 3.44

100 103 103% +0V +0% 102 5

100 103% 104% -1-0% +0% 9.85

I 150 100% 100% -OV -0% 10.89

100 105% 106 -0% -0% SJW

, 200 104% 105% +0% 0 8.80

, 150 1027,103% 0 -0% 9.08

750 106% 706% -0% -0% 9.78

150 105% 106% -0% +0% 9.26

50 103% 103% 0 +0V 9,35

700 W7V 101% +0% +0% 11.27
100 102% 102% +0% 0 8.97

250 MS% 106% +0V +0% 9.06

hid: Bank Japan 5*4 88 0%
Uovds Eurofin 5V 93 ... §0%
LTCB Japan 5% 89 0* a

Midland lnt Fin. 9 91... OV
’ Nat. Wear. Fin. 5V 91... JO%
New Zaaiand 5V B7...... 0%

Nippon Credit 5** to ..." 0!;
Nordic Irr. Fin. 5*^ 9t~. OV
Offshore.. Mining. ,5V 91' 0%

PKbapken 5 9i OV

Scotland lnt. 5V 92.. .J. 0%
Sec.: Pacific 5V 91 . 0%.

. Soeiete Ganarala R%W OV

99V 700 . 30/8 15*, 15J4
99*4 39V 8/6 14.94 .15.09
93% 99*, 9/5 13 JO 13.40
99 99% 29/4 77.13 17J5

93% 99% 18/7 15.31 16J9
89% 99% 30/10 15.19 1528
99% 99% 15/7 15.79 WJ8
99% 99% 7/10 15.58 15.6* :
99V" 93% 10/8 16.06 - 16.14
98V 99 6/S- 15% VS 2

98% 99% 2/6 13 13.13

997, .99% 17/8 ie% 1*-2
98V 99 Xt/9 15% 1*57

93 . 93V 24/5 13% 13J5

99V 99% 1/9 1SJ1 1541

, Standard Chart. 5*. 91 n% .98*, 99 18^ 1X31. T348

SumiTomn Fin. 5V 88 ... °V

Sweden FV B9. ...: -

Toronto Dhmin'h 5% 92 OV

99V 99% 9/8 W 16J6
9 1. 33% 76/8 15 J1 1543
99% 99% 11/8 111% WM

Average price changes... On dayO on weak 0

cnwsmBLE Cnv. Cnv. *" Org. -

BONDS date price Bid Offer dav Prwn

Aiinomoto 5V 96 7/81 933 91% B3V +0% 6 .34

Bow Valley Jnv. 8 95 ... 4/8123.12 95V 97% +0V SB-90

Bridgistnne Tire SV 96 3/82. «">rt , 5C% 4-0% -1-1®

Canon 6% 95 1/81 829 96V 98% +1% 1t^

DaiWB Secs. 5*» to 12/81 513 J 764% 66% +0V “2.EJ

FoPtsu P anne' 4V 96. -...10/81 5641 , 96V 98% +0%- 6. g
Furukawa-Fler. 5% 96... 7/81 300 102 103% +.1 -3.67
Hanaoit 0/S" Pn: 9% toS/81 1.30 486 - 87 0 -*■«

- Hitachi CBbla 5*4 95-...- 2/82 515 93% to% +3V 3.1f

Hitachi Cred.. Con. 5 96 7/M 1812 84% 88V +0% 1-»

. Honda Motor 5V 37.:.... 3/82 841 - 89% 90% +1V^«

' tnehesoe 3 95 2/BI 4J6 f62% 64 0 tLV

Kawasaki «. to 9/81 229 72V 73% +1%. Z-*

ftfaraf 6 SS 7/BI 845 4 101% 103 +2 ‘ 3J6

Minolta Citium 5 96...1«***1W!84 6S 7 . 57% +2% 17.T«

Minoreo 9V 97 5/82 8.M 1 186V "88 +0V VM

. Mriraw 5% 96 T/BT .2MB 63V 64%+IV. If.W

NKIC'OV 98 7/81 188‘ 87% 88V +tP*-10.W

Nippon Chemi^C. 5 HI. ;,HW 910 '63 6S 0 . Z-“
JVipDOn Electric 5V.97.... 2/82 846 32% 94% +4% \*{

Orient Finance 5V 97 ... 3/R2 1205 97% 88% +1% IM
Sanyo Elactric 5 10 W . 6G2 . 72 73% +0% 11 ^

. Sumitomo Flee- fi%i 97... 3/82 577 J3 92% 94% +1%
Sumitomo Met. KV to... V*/J«296.1 67% B9 +2% VT*

•Rwi« Rk. Cmi. 6V to... 9/80 181 .74 75 -0% 2AM

. 'KdnlsFiiroItu 8 to OM 2 /«? 685:-M2. 103 ■ .0

Mitsubishi H. 6 83 DM 2/82 263 94*i «% 0 12**

date price Bid Offer dev Freni
7/81 333 91% 33% +0% 6.34

4/8123.12 9R, 97% +0V SBto

3/82 m » 93% +0% —1-1®

1/81 829 96V 98*4 +1% It-*

Average price changes.,. On day +0% on week 0

Rgi IntflaufioBiI ihuace

GuKHKQsdBftSdto ZeotrribRifc AG

C h— ta famri Baric der ostorrek his dten S p a rtasen

HegritotoTandrihiifc

Hill Samuel & Co,
LwiM

KaasaSis-Osaie-Paaiii

Sddeq ftaiofiy lattaa&ml

Tifftffl

Kkantrorf, Beasoa
Uteri

Kuwait Inrcstmait Company (SAX)

IsariffirsttGe

T j>lnt»ag TVn fh wx "Rrihn T»«li InfnmndratiiTj Tm-_

Tlhjifcltunfc Trtmqgml

LTCB tutcmaSonal
Uoand

Mamjficturers Hanorer

MHsnW^Bmfc(Earopc)&A-

Samuri Mtmtagn & Co.

Morgan Goaraafy Ltfl

Mffga Stanley Xat wn a lM B al

NhUchoI Baric of Aim XfiaH

Nri w Ian dwfe lWMtoB f a nM i imfc N.V.

Tbe]Siikko Securities Co, (Europe) IiL

Nonmra T q tpnB i fi oBal

Ntg^de nfegbcLan desbaric

NortfemRari;

Nndic Barit FLC

SaL Oppa*rimjr. & Cc.

Orion Royal Bank

lterad

MCI COMMUNICATIONS

1931-82 1980*81

Fourth quarter S S

Ravervue T64.75im 71.77m

Net profns 33.78m 7.9m

Net per share : 0.70 0.11

Twelve months

Revenue 606.35m 234.2m

Net profits 86.45m 21.11m

Net per ahar* 1.81 0.24

NIAGARA MOHAWK POWER CORP

7982 1S3T

Firet quarter -S' S

Revenue 685.5m 611.3m

Nat profits 87.9m M.4m

Met per share 0.94 0.76

PIONEER CORP

Piason, HeMriog & Pimm V. Etii rite rianA/S N.M*EcfltscHH&Soas Salomon Brofeerslotenatifflial ^axora Back ftMOTrileis)

SCMdtnariauBnk

SdtedsvSjfflKfaiiqB^HtuBri ft Ca,

J. Hairy Schroder 4: Co.'

Sfemdrai ff idra yn dkiMg UaAire

First quarter

Revenue

Net profits. ....
Net per share .

1982

. * S

... 3CC.«#n 288.2m
.„ 29.84m ' 29.2m
0.81 0.73

Smith Barney. Hants Upborn &Cfc

ScdfcS Gbt&ak de Bangas SJL

Sttans,Tambdl &Co.

f^ noti h pnO Tn lw ml j awl

PUREX INDUSTRIES

ffypi ^ra WmilnMtantaa

TbeTaiyo Kobe Bank Otaxarinurs) S^.

XMaBtokofFiriairilii

irwfrpr nm* nf Knrwsj 7 id. S.&W«dng&CteZXfc WttriwfsriieTjmfe d Mrf? gpgBafale

Wood Gundy

Xi M

Y a m a Wrifntaiufiona l (Enrage)

1981-82 1980-81

Third Quarter . J. S

RcvanuB 193.4m Ito.Sm

Nm profits 8.97m B.99m

Net per sham 0.79 0.53

Nina months

Revenue 559.7m 463.5m

Net profits ;. 28.22m 18.71m

-Net per share 2.30 1,65

SWISS FRANC
STRAIGHTS Issue

An sen Transport 7%. 32 to
Asian Dev. Bank 8 90 80

Australia 6% 83 700

Australia 6%. 94 100

Belgelecrric 7% 9l So

Set. de Atrtopistas 8 90 60

CFE-MBXiCO 8V 92 50

Co-op. Danmark 8% 92 25

Crown Zeltrbch. 6% 92 100

Denmark 7% 91 100

ElB 7% 93 ...^ 100

Elat, de France 7 92 ... 100

ENEL 8 92 44

First City Fin. 8V 92... 25

Manitoba 7 92 100

National Pwr. Co. 8 92 30

Nlopon T. and T. 6% 92 MO

OKB 7% 32 100

Obl Donsukraft 7 92 100
Ost. Fostpar 7% 92 ._ 100
, Philip Morris 6% 92 ... 100
Quebec 7% 92 ......... 100

’•rf 77 Soc. Lux. da Cut. 8*. 92 80

Transcanada Pioe. 7 94 MO
°-« Vorarlbarg Kraft 6% 92 to

World Sank S 91 100

Average price changes

Change on

Issued Bid Offer day week Yield
50 103 103% -0% -0% 7.04

80 105% 105% +0*. +1% 7.09

TOO 104% 104% — OV -0% 6.20
100 103% 103% -0% +0% SD6
80 102% 102% -0% +0% 7.14

60 100% 100% -OV -0*« 7.83

50 »% 99% -0% -1 8.29

25 104% 105% 0 +0% 7.63

100 102% 102% . 0 +0% 6.43

100 101 M1V-0V-0V 7.08

100 101% 102. -0% -0% B.97

100 101% 101% -0% -OV 6.78

44 . 99% 100% -OV— 1% 7.99
25 103% 103% -0% +0% 7.72

100 105% 106 +0% 0 8.18

30 103% 104% +0% +0*, 7.41

MO H» 109% +0% +OV 6.19
100 104% 104% 0 0 7.08

100 • 103 103% -0% +0% 6.S5
100 103% 103% -0% +1% 6.99

100 103% M3% -0% +0% 6.18

MO 104V 104% —0% — 0% 6.75
80 104% 105 +OV -OV 7.30

MO 102% 103% . O -0% 8.62 ;

to 102% 702% — 0% -0% 8.42
100 106% 106% +1% +0*, 7-03

as On day -0% on week o

i -.re. —

87V 88% +0*2-10.10
63 65 0.2-®:.'

SZV 94V+4V Off
S7% 98% +1% J ® ■

72 73%+OV 11g ,

92%94%+lV 1-«
S7*5 88 +2% 15.W
74 75 -OV i.

02.103 .-..0 ; -

Wi 95% 0 U®

* __ Change on

i^3m YHM STRAIGHTS Issued Bid Offer day weak Yield
**n. Asian Dev. Bk. SV 91 15 100% 101% o' — OV 6.13

0-53 inL-Amar, Dev. 8V 81 15 102% 103% O' — OV 8.43

Japan Airlines 7% 37... 9 97% 98% 0 ■ 0 8v42

».5m New Zealand 8% 67 ... IS 101V 102% 0 0 7.97

71m World Bank 8», 92 20 100V101V 0- +0% 825

1 .65 Average pries changes... On day 0 on weak 0

*No infamnrriort available— previous day’s price, /

. ■. t Only ape market. maker supplied a price. y

Straight Bondsr The yield Is the yield io rerfemptio rv'of ,

mid-price; tea amount issued Is-ln millions Of cwrewT ' ' f Q*,
units except for Yen bonds' where It Is in WlioOM . *‘0

. . Chance- on week^Chsoge over price a weak earlier-
Roatinq Rata Notaic Denominated in dollsra unless duMJ** !
wlae indicated. Coupon shown. <a minimum.: C.dts -pF" :
next ca croon becomes effoctlve.’ - Spraxcf* Margin eb<N* -
sly- mo nth offered rata ({ three^nonth; 5 ebova new.:.;
rate) for U.S: -dollars. C.cpn** The Current campon* ; .

' C.yfd-Tha current yield. ....

Convertible Bonds: Denomteand In 'dofi’arsf
..wlae indicated. Ch 9 , dev«xChanga on day^ . CowBate**.

Rrar drtc.for conversion into sberess Cnv«prie**2 .

Nominal Amount, of bond per share ■ express ed JR - j
currency' of share- at -con version rate. -fixed at :

• Pram=Pwcentego premium of the currant effsdOvaWWJ
. of'sequiring -shares vie the bond over the (host ^oaW
price Of tea shares.

O The FjnanciBl Timas. Ltd., 1982/ Baprodnctlon trf
or -In .pert in- any -form oot pennfdwL. without ;
consent. Date supplied tjy DATASTREAM hnemsdoMb

"•t K'i "w 1
«’•

p- , «r. -•■■

-=■ S :

:-r‘ t •: '
*T. il.-V

V ' v-. -a '

Four of the Morgan officers who solved a client’s long-term financing problem with a foreign currency borrowing privately placed and hedged into U.S. doDars. From left, Jonathan Seem, head of
the bank’s Far West Department; Maureen Hendricks, International Financial Management; Robert Engel, Executive Vice President and Treasurer; Bruno Eberli, Foreign Exchange Trading.

. " " . i.

■i--

Succeeding in world financial markets may be even
tougher tomorrow than it is today. The choices are multi-
plying. The risks are rising. The rules— and rates— keep
changing. Now, more than ever, corporate treasurers
need up-to-the-minute money-market information, sound
advice, timely execution. And ideas.

Any bank can lend you money at a rate. At The Morgan
Bank we; try to add value. How? By coming up with inno-
vative solutions to short- or long-term financing needs.

By understanding and anticipating developments in the
world’s money and capital markets. By helping you act
in time. ; '

Here’s why treasurers of major multinationals increas-
ingly turn to Morgan to achieve corporate funding and
investing goals.

Morgan gives you experience. No bank knows more
about the interrelated elements that affect financial mar-
kets— interest rate differentials, currency fluctuations,
capital flows, central bank strategies. Around the world,
around the dock, Morgan people exchange vital informa-
tion and ideas. They learn what’s going on, and so will you.

You’ll get a global perspective— from the country-by-
country analyses of our international economists to inter-
est rate and currency judgements by our foreign exchange
specialists.

Morgan concentrates We specialise in serving corpo-
rate, institutional, and government clients. And we’ve

centralised all our money-market activities in our Treas-
urer’s Division. Whether located in New York or in other
world financial centres, our traders, analysts, and portfolio
managers are close to their markets and in constant com-
munication with each other And their expertise is readily
available to all our banking officers.

This unified approach gives Morgan and its clients more
speed, more contact, more knoivledge than ever before.

Morgan’s needs parallel yours. Our treasurer needs to
raise funds and invest for our bank just as you do for your
company. Since our interests are alike, we use the same
skills, data, and advanced technology to help you that we
use to manage our own portfolio and worldwide positions.

Morgan is fast. You’ll be impressed by how quickly we
respond to your requests and make major commitments.
That’s because we know die sources and users of funds,
how to gain access to them, and the best choices to meet
your corporate needs. And we’re not bound by red tape.
Morgan officers have the authority to make decisions on
their own, on the spot

Morgan is a market-maker. We make markets in U.S.
government and agency securities, municipals, Euro-
bonds, foreign currencies. We also deal in our own and
other banks’ CDs.

The markets we make are large enough so that even
our biggest clients can deal within them— and know that
Morgan spreads will be among the most competitive they '
can find anywhere.

The Morgan Bank

Morgan helps you manage liquidity. When you have
surplus funds to invest we give you a choice of invest-
ment options that cover the full spectrum of money-
market instruments. When you need money we provide
competitive short-term credit for working capital and other
purposes, in dollars and local currencies.

Morgan is good for the long term. Among the growing
number of longer-term financing options we offer are
loans for fixed assets and for project development. Morgan
also arranges private placements in various currencies
with U.S. and foreign investors. Through our London
subsidiary, Morgan Guaranty Ltd, We’re one of the fastest
growing underwriters of fixed-rate, floating-rate, and
convertible securities in the Eurobond market.

Morgan gives you ideas. Because The Morgan Bank
makes major commitments as principal in both capital
and foreign exchange markets, we can often help reduce
the cost of your dollar and foreign currency financings.

We can also show' you how toreduce the effective costs of
your total financing through efficient tax planning. We’ll
develop new ways to protect you against foreign exchange
exposures. And we’ll alert you to hedging and arbitrage
opportunities. .

Morgan is ready to help. Talk to the Morgan officer
who serves you, or telephone Ettore Landi,. vice president
and London treasury head, Morgan Guaranty Trust
Company, 1 Angel Court, London ec^r 7ae. Telephone
(01) 600-2300. Member FDlC. Inc3fp.:ra;ei} li.-nwd lioMCy m m* U.S A

-1

Financial Times Thursday May. 6 1982

INTL. COMPANIES & FINANCE

and Markets

German
engineer
proposes
share issue

BY DAY1D WHITE W PARIS _

T30jSSDN-BRA 2\DT, one of the At tile same time, »tbe group of aew interests such as the
two big French electrical con- has faced problems launching a whole of Videocolor's , sales of
ce ms included in the recent new digital telephone exchange. FFr. 800m, On a comparable,
nationalisations, expects final This system, the MT 20, made basis, the increase was just
19S1 figures to show a consoli- by the majority owned elec- under 14 per cent * .

dated loss of FFr lSOm ($30m). tronics offshoot Tfcomson-CSF, Sales outside France
The loss, announced hy M is designed to rival the success- accounted for 46 per cent/of
Alain Gomes the chairman, fnl E10 model made by its com- the total. Of this FFr^ 6.1bn
came after a net profit of petitor, CTT-Aicatel, also now came from fore^Ja subsidiaries
FFr 502m the year before. . - state-controlled:' and FIY 20.Hra from, <flrect*

M Gome? attributed the set- H Gomez said that file group's exports. •
back principally to heavy medical and electronic com- Thomson-CSF- which turned
deficits in colour television ponents activities also weighed a parent company net profit of
tubes and in the public tele- heavily on the overall result FFr.279m Intp a FFr 63m loss,
phone interests which it took About. FFr SQm of the total said it would omit its dividend
over in the mid-1970s from. ITT loss resulted from . Thomson- after paying a net FFr 10.50 per

and Ericsson. CSF and its stfljsidiaries. :Tbis share for 1980; ." -

Thomson has been, cutting includes .the semi-conductor The setback— t&e first time
capacity at its TV tube unit, branch, which appears set to Thomson-CSF has gone into the
Videocolor, for which it has take a leading role in French Ted or failed to pay a dividend
taken full responsibility follow- Government strategy in this since it was formed in 1967 —
ing last year's decision by both sector. comes, after six :years of strong;

RCA of -the XJ.S. -and West Ger- Group turnover increased to .profit growth. Cossbiidafed net
many’s AEG-TeJefunken to. FFr 43.6bn from FFr 36.5bn. earnings in 1980 Were a record

withdraw their equity holdings. This included the incorporation - FFr 307m; •

. Sy Kevin Done in Frankfurt

MANNESMANN, the West
German steel pipe, and
mechanical- < - engineering
group, is raising DM 310m
($13 2m) through its first
rights, issue for seven years.
. At the same time the group
is Pepping op the dividend
for 1981 to DS 6 per dure
from DM 5.50 in 1980.

After several years of weak
profits, Mannesmann increased
group aftertax, earnings last
year by'DM 90m to DM 272m,
an increase of 49 . per cent
; Turnover worldwide rose
by 18 pec cent to DM 15.41m,

. helped by ' the inclusion' for
Yhe first : time of Hartmann
"and JRrann, the electrical
.equipment . - manufacturer
acquired ■ from . ! AEG-Tele-
lunken. Excluding Hartmann
pnrt Braun, Mannesmann sales
rose by-14 per want ' V

Mannesmann ' has ' been
helped chiefly by ■ the far-
reaching restructuring of ' its
pipe! and steel -producing
operations as well ashy Im-
proved results from pipe sales
and trading activities.

The main growth last year
came from foreign markets
and more than two-thirds of
turnover arose, outside West
Germany. .- Exports- accounted
tot 60 per eent of sales of fire
domestically-based companies
compared with 56 per emit in.
1980.

Maunesmauu steel, pipe
production rise by .14. per cent
last year to 15m tonnes,
while crude steel production
increased hy 6 per 'cent to
&5m tonnes.

The planned rights issue
will be on a one-for-eight
basis at DM 125 per share.
The hew - shares will be
eligible for 1982 dividends.

Mannesmann shares have
been trading this week at
around DM 145.

US $25,000,000

Credit Facility

Upsurge at

Managed and Provided by

Credit du Nord

The Fuji Bank, Limited
Lloyds Bank International Limited

National Bank of North America

National Westminster Bank PLC

Ruetgerswerke
pays same
on lower profits

By Stewart Fleming in Frankfurt

DESPITE a 10 per cent rise
in gropp sales to DM 2.51m,
($1.66bn), Buetgerswerke, the
.Frankfurt based chemicals
and construction materials
group, suffered lower profits
last year, and Is faring another
difficult year in 1982. -

Earnings per share feH
from DM 3L38 to DM W0.
Profits after tax were DM
■ 20 -3m, compared with DM
33An in 1980. This figure is
struck, however, after putting
DM 15.5m into a reserve
aimed at stripping out Mock
profits from earnings.

The company Is paying an
unchanged dividend of DM
8.50 a share.

Among factors which ad-
versely affected profits last
year was the recession hi the
German construction indus-
try. Strong export and over-
seas sales, which increased
the overseas share of JBtaet-
gere turnover from 27 to 30
per cent helped to offset the
weakness at home. Overseas
sales of basic chemicals, plas-
tics and intermediate organic
chemicals were especially
strong.

Schickedanz drops plans
to enter U.S. market

IBM Italia
boosts income
and turnover

By jams Buxton in Rome

IBM ITALIA, the Italian sub-
sidiary of the UjS. computer
manufacturer, increased its
turnover by almost 34 per cent
in 1981 to Ll,99Sbn ($153bn).
Net profits were up 22 per cent
to L218.5bn. - .•

In 1980 the company was Che
mast profitable of those Italian
companies which publish results.
Profits were L178bn, almost 12
per cent of the Ll,492bn turn-
over. Last year profits
amounted to around 11 per cent
of turnover.

The company increased invest-
ment spending last year by 24-0
per cent io L415bn. The work-
force grew by 8 per cent to more
than 12,000. The percentage of
turnover exported rose by 38 per
cent to L666bn.

The Investment spending
necessitated a large increase in
borrowing, and debt increased
from L83bn to L259bn.

IBM has a dominant position
in the Italian market for large
computers, which Olivetti, the
only indigenous computer manu-
facturer, does not make. Its
competitive position is being
strengthened as it brings out
smaller models.

BY OUR FRANKFURT STAFF

SCHICKEDANZ of West Ger- finances of the AHeas* parent
many,, which includes Quelle, . company, Wickefe, one. of
Western Europe's largest mail America's. . largest retainers,
order group, has $ven up which late last month had to file
attempts to break into the TLS. for protection from its creditors
mail order market It said yes- in a U.S. federal bankruptcy
terday it had withdrawn its court

letter of intent to buy a 51 per Querie has been seirefoai*: for
cent stake in Afldens, the fifth, an entry into the U.S. mail order
largest mail order house in the market for more than five years
U.S. and began negotiations with

The $20m deal has fallen Chicago-based AWeos 12 months
through because of the shaky ago.

March 1982

Swiss insurer raises payment

BY JOHN WICKS IN ZURICH

WINTERTHUR, the Swiss SwFr 68.5m to SwFr 7I.8m
insurance group, plans in- ($36.8m) last year. Joint
creased dividends for 1981 fdl- premium income rose by 3.6
lowing a modest improvement per cent to SwFr S.SSbn, or by
in profits for the year! 10.6 per cent in terms of local

Winterthur Swiss Insurance culTenc * es '
is increasing its payment from Winterthur Swiss Insurance
SwFr 46 a share to SwFr 50 improved net earnings slightly
and Winterthur life Insurance from SwFr 62.4m to SwFr 63m,
Is paying SwFr 80 a share, an increase in investment in-
against SwFr 70 in 1980. . come more than offsetting un-
consolidated profits of the satisfactory underwriting
combined group went up from results.

INTERNATIONAL APPOINTMENTS

President of Hertz Europe

AtTransamerica, good enough isn’t
good enough. We try to keep topping
ourselves. Through ups and downs, thicks
and thins, year after year after year.

In 1981, for instance, despite a tough
economic environment, we managed
to outdo ourselves. Again. With operating
income from continuing operations of
S22L8 million {53.43 per share) —our sreth
such record increase in a row.

But that was last yean We can’t rest
on our laurels. Nor on year-old ideas. So
we’re changing. By introducing new serv-
ices and products. By tying our related
businesses closer together, And by placing
extra emphasis on long-term strategic
planning. Because competitive edges can
only be honed by continuing change.

And— year after year after year—

Mail to:

Transamerica ^ ■

Co r po ra t i on,

Corporate Relations
Department,

P.O.Box 7648,

San Francisco, CA 94120.

NORDIC INTERNATIONAL FINANCE B.V.

U.SS40,000000

Guaranteed Floating Rate Notes 1991

G luraniecd on a subordinated basis as to payment
of principal and interest by

Weekly net asset value

Tokyo Pacific Holdings (Seaboard) N.V.

on Wfay 4th 1 982 $U S.59 03
Listed on the Amsterdam Stock Exchange

Information: Pierfion.Heklrmg 4 Pierson N.V.,

Herengracht 214,10168$ A mst er da m.

NORDIC RANK LIMITED

For the sis mom!®

6 th May 1982 to Sih November! 982
the Notes will carry an imprest rate of
ISViS per annum with a Coupon Amount
of USJ39336 per U.fi$5^00 Note,p*yabkoa
8 th November 19X2

Bankers Trust Company, London

Principal Paying A gem

VONTOBEL EUROBOND. INDICES -
14£J«— T00%

PRICE INDEX 4.5^2 AVEHAGi Y16U> 4.S.H2 27-4.82

DM Bond* 36.37 96:09 - DM Bonds - - 8.382 9-0g

HFL Bonds & Note* 39.6) 39.44 HFL Bonds fr Now* -10.053 10.0®

U.S. S Strt. Bonds . 90.09 88.87 U.S. S Sirt. Bonds 14.003 14<g2

Can.. DWIar Ronds 91.80 ;S0.40 . C*n..pbHar Bonds ;.-16J86.. 15-W*

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Coffliaaies.aBiHarkets

INTERNATIONAL COMPANIES and FINANCE

EXPORTS ADVANCE BY 17%

improves first-half results

BY 5TEWART FLEMJNG IN FRANKFURT

SIEMENS.; West ; Germany’s
largest electrical company, has
reported an S.S per cent
improvement, in its earnings in
the first six months of its current
finanmi year.

In an interim report to shaxe-
holders, the company said that
profits after tax rose to DM 313m
(5134m)' in the six months to
March, compared with DM 288m
In the same period of last year.

Sales revenues rose by 13 per
cent to DM lg.lbn rST.Tbn).
largely because of the strength
of ■ export and. foreign sales

which rose by IT per cent to
DM lOJJbn, compared with a
8 per cent . rise to DM 7.8bn,
in sales in Germany. The
company is expecting a 10 per
cent sales increase to around
DM 3Sbn for the year.

The results for the first six
months suggest that the efforts
made in the past year to
improve the short term profit-
ability of the group have begun
to have an impact

A number of marginally
profitable operations have been

SIEMENS RECENT PERFORMANCE

*

Sales

DM

Net profits

DM

1976

2Q.7bn

606m

1977

252bo

650m

197*

29-Obn

721m

1979

28JJbn

682m

1980

31J»m

633m

1981

J4.6bn

509m

* Year end* September

trimmed back or closed, and the
group workforce has been cut
substantially. The workforce.

with an average of 333,000
employees in the first half, has
been reduced by around 10,000
in comparison with last year.
Profit margins have improved
from 1.5 per cent of sales to
1.7 per cent.

The company said that new
orders from abroad in the first
half were 27 per cent higher
at DM I3.8bn. The continued
recession in the German
domestic electrical Industry
market is reflected in an
unchanged domestic orders level
of DM S.5bn.

U.S. chip makers see upturn

BY LOUISE KEHOE IN SAN FRANCISCO

THE RECESSION is over for
the ■ U.S. semiconductor chip
industry, according to leading
figures in the industry.
Encouraged by increasing order
rates, the chip makers believe
that they are on the way to
recovery from the two-year-tong
trough which has severely
reduced profitability and- com-
pounded the problems of
increasing international compe-
tition.

Orders from European dis-
tributors, personal computer
manufacturers, and video game
makers are boosting the semi-
conductor business, -while sales
to mainframe computer makers
— traditionally major customers
~ remain flat.

Leading the new sense of
optimism, Mr W. J. Sanders,
chairman of Advanced Micro
Devices, last - week declared:
“The recession is over for

AMD.” Sales began to pick up
in mid-February, the company
reported, and have continued
to be strong ever since. Mr
Sanders predicts -that AMD will
increase sales by around 30 per
cent to S360m in' the yea!r to
March 19S3.

Intel shares AMD’s confi-
dence. The company hired 500
new workers for its manufac-
turing facilities in the last
quarter and could hire a
higher number this quarter,
said Dr Gordon Moore, Intel's
chairman.

Sign e tics says that it is book-
ing more orders than it is
shipping for the first time since
the spring of 1980. The indus-
try average book-to-bill ratio,
which is regarded as the indu-
stry's most sensitive business
indicator, moved up to 1.18 in
March — the third consecutive
month above unity.

Another measure of the level
of industry activity — orders
for the raw silicon wafers from
which chips are made — are up
70 per cent, according to Siltec,
a major California supplier.
“We have seen a steady im-
provement since February,'’
commented Mr James M.
Hansel I . finance vice-president.

At National Semiconductor,
Mr Bert Moyer, vice-president
of finance, is. however more
cautious. “When we are still
looking at a high prime rate and
high unemployment, it is diffi-
cult to see an upturn,” be com-
mented. The industry's produc-
tion capacity is still only 71 per
cent utilised. Mr Moyer points
ouL He believes that the cur-
rent improvement might be
just short-term reflecting inven-
tory replacement. “ But wc
hope to hell we are wrong.”

Romatex hit by downturn in spending

BY OUR JOHANNESBURG CORRESPONDENT

A DOWNTURN in spending on
semi-durables by South Africans
has badly - hurt Romatex, the
country's largest flour coverings
manufacturer, in the six months
ended March. First-half trading
income fell to K22.5m ($2 1.4m)
from R25.4m in tbe same period
a year ago and compares with
R55.2m for the full year to
September.

Tbe fall in demand was much

sharper than expected. The
floor coverings market .was
materially affected by a serious
shortage of mortgage finance
and there has been considerable
destocking by wholesalers and
retailers since February.

The. company expects sales to
continue to be affected for the
rest of the year and has revised
downwards its earlier profit
forecast from a modest improve-

ment to a 20 per cent fall if
markets do not deteriorate
further. If this is the case the
same total dividend will be paid.

An unchanged interim divi-
dend of 22 cents has been de-
clared although first-half earn-
ings per share fell to 43.1 cents
from 6L2 cents. In the year to
September 1981 earnings were
135.1 cents a share and the total
dividend was 56 cents.

South African
cement group
pulls ahead

By Thomas Sparks
hi Johannesburg

PRETORIA Portland Cement,
one of South .Africa's major
cement producers, saw pre-tax
profits rise from R26.Lra to
R33.4m ($3 1.9m) in the first
half ending March 31.

The company, a 54 per cent
owned subsidiary of Barlow
Rand, was helped by contin-
uing high demand for cement.
Turnover rose from R 103.4m
to R129.4m for the half. In the
year ending September 30 1981
pnMax profits were R 64.9m,
and turnover was R229.4m.

The volume of cement sales
for the year was 12 per cent
higher than in 2979/80. But
sales volume for the lime div-
ision was 2.6 per cent lower
as a result of poorer demand
by the mining industry.

Price control of cement has
been lifted, and the industry
is expected to increase prices
and achieve un adequate return
on assets.

However, the company ex-
pects cement sales volumes to
decline in the current six
months, and total cement sales
in this financial year to he only
slightly higher than last year.
Earnings per share are ex-
pected to rise by ebout 12 per
cent

An interim dividend of 19
cents has been declared from
first half earnings of 10122 cents
a -share, against last year’s 16
cents from 82.7 cents per share.

Growth at
Peico
despite
stoppage

By ft. C. Murthy in Bombay

PEICO ELECTRONICS and
Electricals, the Indian lamp
manufacturer in which
Philips has a 40 per cent
holding, achieved a 17.8 per
cent increase In earnings to
Rs 183.3m (519.5m) last year.
Sales increased 24 per cent to
Rs 48bn (SI 57m). despite a
long stoppage at the com-
pany's Pune plant.

Peico, which is the market
leader in sales of electric
lamps and lighting, is also a
major force in entertainment
and professional electronics.
It attributes last year’s sales
Increase to higher turnover
in electrical fittings, lamp
components, welding elec-
trodes and batteries, as well
as io a higher level of project
installation.

Peico also reported that
exports during last year rose
by 50 per cent to Rs 63.2m.

The company has Intro-
duced a range of energy-
saving lamps and lighting
equipment, in line with the
Indian Government’s policy
of trying to reduce oil and
refined petroleum imports.

Fnture plans for expansion
Include an extension of capa-
city io manufacture special-
ised electrodes.

Record profits and higher
payout at Esso Malaysia

BY WONG SULONG IN KUALA LUMPUR

ESSO MALAYSIA, a sub-
j si diary of Exxon, has reported
a record after-lax earnings’ up
! by 87 per cent lo 67.7m ring-
! git (USS 29.4m I. far 1931 and
l the company is paying a final-
dividend of 50 cenlst making
150 cents for the year compared
with 65 cents ip 1980.

The record profits were made
on higher refining and sales
ru mover and came from Esso’s
ability tn obtain cheaper Saudi
crude, the company 1 said.

The refinery at Port Dickson

processed 38,200 barrels a day. a
7 per cent improvement, while-
sales of oil products were 29
per cent higher at 1,523m ring-
git.

Esso said, however, that the
1981 growth rate was unlikely
to be repeated in the current
year. Recent adjustments in
world oil prices have eliminated
much of lbe advantage of taking
Saudi crude, and the refinery is
also expected to process a larger
volume of higher-priced Malay-
sian crude to meet demand for

petrol.

The company also expects
Petronas. the Malaysian Govern-
ment oil company, to expand
its network of petrol station
and Esso's ammonia business
continues to be weak because of
keen competition in the ferti-
liser trade.

Last week Shell Refining Com-
panv Berhad reported a 34 per
cent improvement in after-tax
profit to 35.5m ringgit ■ and
increased its dividend by 5 cents
to 25 cents for 1981. ■

Khalij Commercial Bank
receives capital boost

BY MARY FRINGS IN BAHRAIN

KH.-U.U COMMERCIAL Bank,
a privately owned bank in Abu
Dhabi, which is understood to
! have incurred some doubtful
} debts on loans to contractors,
has boosted its. capital strength,
with the help of a UAE
DH 500m (Si 33ml subordinated
loan arranged by a major share-
holder. The bank has also
obtained a guarantee supported
i by another depositor, against
• one of the outstanding loans.

The five-year subordinated
loan, at an interest rate- of 2

per cent, avoids the need to
raise more capital at a time
when the market is thought to
have been drained of funds.
The issued capital of Khalij
Commercial Bank Is DH 100m
and total net worth, excluding
the SI 33m subordinated loan. If
S 40m.

The bank this week reported
a 1981 profit of DH 22m. 5 per
cent u-p on the previous year.
Total assets, exclusive of contra
items, stood at DH 2.6hn. and
loans and advances at DH 1.9bn.

Isetan
Singapore
tops forecast

By Georgie Lee in Stngipore

ISETAN i SINGAPORE), the
Singapore joint venture depart-
ment store operator of the Isetan
group of Japan, has reported a
sharp improvement in earnings,
exceeding its own forecast, for
the year ended November 19S1.

Group pre-tax earnings rose by
55.8 per cent to S3 18. 17m
(USS8.64ml exceeded t>he pro
jection of S$15m made vvtfien
the company was seeking listing
on the Singapore stock exchange
last September.

JAPANESE COMPANY RESULTS

Marginal rise in earnings for Asahi Glass

ASAHI GLASS. Japan's leading
glass manufacturer lifted con-
solidated net income for 19S1
lu Y23.85bn (8101 ml from

Y23.63bn. Operating profits
were Y47.18bn against Y50.34bn
on sales of Y525.29bn compared
with Y519.93bn. Earnings per
share fell to Y24.31 from
Y26.22.

The company forecasts net
income of Y25bn for 1982 and
sates of Y650bn.

A drop in demand from the
molor car and housing industries
hurt the 1981 performance.
Glass sales rose only 1.1 per
cent lo account for a 57.9 per
cent of the total. Chemical

product sales representing 33.5
per cent of the total fell 0.9 per
cent.

• Mitsubishi Petrochemical

Company incurred a net loss
for 1981 oF Y1.46bn against
profits of Y3.97bn. Sales fell
6.4 per cent to Y400.55bn. The
loss per share was Y4.58 com-
pared with earnings of Y12.70.

Several subsidiaries made
losses. notably Mitsubishi
Petrochemical Engineering
Company.

• Yokohama Rubber Company.
Japan's second largest tyre
manufacturer, posted a Y1.31bn
net loss for 1981. Sales were
up 12 per cent to Y254.76ba.

Net loss per share was Y6.84,
against a YS.94 profit in 1980.

Sluggish earnings were
blamed on deteriorating raider
market conditions, especially in
the second half. Demand in the
car industry also waned.

For 19S2 Yokohama forecasts
net earnings of some Y1.6bn on
sales up 5.9 per cent to about
Y270bn.

'• Kyowa Hakka Kogyo Com-
pany, a diversified Japanese
pharmaceutical manufacturer,
suffered a 3.7 per cent fall in
net earnings to Y3.79bn in 1981
od sales up 3.2 per cent higher
at Y253.65bn. Net earnings per
share dipped to Y13.95 from

Y15.39.

The net earnings drop was
attributed to a corporate tax in-
ingcrease. The company is
anticipating net earnings up by
21.5 per cent to about Yi6bn
in 1982 on sales ahead by 4.4
per <-ent to about Y205bn.

• Kao Soap Company made
after-tax profits of Y4.7Bbn in
year to March 31 against
Y3.S9bn in 19SO-SI. Sales came
tn Y28fl.63bn compared with
Y252.44bn. The dividend is
Y7.5 down from Y8.75.

The company forecasts after-
tax profit for the current year
of YS.lObn and sales of Y300bn.
Agencies

. . 'L- ]

, Mr 7J \: .

-'■’I*-

rtf'

si

>• «. w

r TTTT'T'T TI rrr T TTTTTTTTII TT IITTTTT T TTTTT yY T T TTTTTTTTTTTTTT 1 1 TTTTTTTTTTTTT T TTTTTTTTTTTTTTTTTTT'TTTTTTTTTYTTTT IT 1 1 ? T T T T T T 7 rTTTTTTTTYTTT T T TT T

This atiKMKientfi! altars as a mller cf uccrimiy

Cemento Andino, S.A.

• . \&lera,\fenezuela

US$76,395,348.84
Medium-Term Loan

— 1 Lead Managed by

- Saudi International Bank ■

Libra Bank Limited

— li-lamgedbu

The Bank of Yokohama, Ltd.
Antony Gibbs & Sons. Limited
TheHokkafdoTakushoku Bank, Limited
The Industrial Bank of Kuwait, K.5.G
United Gulf Bank-EG
(Bahrain)

— J

■„ The Bank of Nova Scotia Group
Banque Arabe et Internationale D’Invesiissement-(BAI])
European Arab Bank Group
The Gulf Bank K.S.C Kuwait
■ The Hongkong and Shanghai Banking Corporation
Al-UBAF Group

Prupidedby

Banco Arabe EspanoL S.A 'Aresbank'

Banco C a fetera S . A. (Pa nama)

Banco Espirito Santo E Comerrial de Lisboa
Banco Simeoa 5 A.

' The Bank of Nova Scotia International Limited .

• . Bank ot Scotland

TheBank of Yokohama, Ltd.

Banque Arabe et Interna Kona] Dlnvestissement (BAD)

■ ■ European ArabBankGroup

- Antony Gibbsfic Sons, Limited
. Gray Dawes Ban kPLC

The Culf Bank K.S.C Kuwait
‘ TheHokkaidoTakusIioku BanL.Limifred
The tfongkorig arid Shanghai Banking Corporation
The Industrial Bank of Kuwait, K.S.G
' KuwaitPacific Finance Company Limited
Libra BankLimited

Manufacturers National Bank of Detroit
— Saudi Interna Konal Ba nk

AL^ANK.*i: 5 .\UDI AL-AIA.MT LIMITED

UB/tf Bank Limited
.UBAN-Arab ]a panese Firta nee Limited
7 Union MecLterraneenne de Basques
United Gulf Bank-EC _

(Bahrain)

A&el

Saudi International Bank

al-bank al-saudi al-al ami limited

TAistfiwunaffiffil affairs as a mxtierefrtaxi only
r

Amepon

AMERON SAUDI ARABIA LTD.

AmeronJubailLtd.

US $ 30,652,500
Syndicated Guarantee Facility

In connection with a Pipe S upply Contract
for the

• Riyadh Water Transmission System

Arranged

Saudi International Bank

AL-BANK AL-SAUDI AL-ALAMI LIMITED

Inconjundumieiih

Albank Alsaudi Alfransi

Dammam Branch

Albank Alsaudi Alhollandi

Arab Bank Limited

Continental Illinois National Bank
and Trust Company of Chicago

. . Bahrain Branch

Gulf International Bank B.S.C
The Saudi Investment Banking Corporation

Alkhobar

Sodebe Generate (Paris)

Bahrain Branch

Agat

Saudi International Bank

AL-BANK AL-SAUDI AL-ALAMI LIMITED

Mrnhmz

1 fcis unwancfltim! appears as a nuH trofrtvrd my

Banco Morgan Finansa

US$40,000,000
Medium-Term Loan

Managed bu

Saudi International Bank
Banco International de Colombia
Banco RealS A

Chemical Bank International G roup
Samuel Montagu & Co. Limited
Seattle-FirstNational Bank Nassau Branch

Provided bu

Banco Intemacional de Colombia (Nassau) Ltd.
Banco Fonsecas E Bumay, Brussels Branch
Banco de Ponce
Banco Real S.A
Banco Urquijo S.A
Bank of Bahrai n and Kuwait B.S.C
Banque Franfaise du Commerce Exterieur-BFCE
Chemical Bank

Deutech-Sudamerikanische Bank AG.

iDresd ner Bank G roupi

Jersey I ntema tional Bank of Commerce (JIBC)
Kuwaiti-French Bank. . . .
The Northern Trust Company
Old Stone Bank
SamuelMontagu & Co. Limited
Saudi International Bank

ALB AKK AI-SaUIB AL. ALAMI LIMIT* P

Seattle-First National Bank, Nassau Branch

This linniwaanvii! appears as a mailer of raced only

Ameran

AMERON SAUDI ARABIA LTD.

AmeronJubailLtd

SR 60,000,000

Medium Term Loan

Guaranteed bu

Ameron Jubail Ltd

Arranged by

Saudi International Bank

Provided bu

Agent

Saudi International Bank

AL-BANK AL-SAUDI AL-ALAMI LIMITED

]uEarjl9B2

rTT YT7TTTTT7 TTSTTTTTT7T 7T7 YT1

Gulf International BankB.S.G
Saudi American Bank

Saudi International Bank

AL-BANK AL-SAUDI AL-ALAMI LIMITED

Agml

Saudi International Bank

AL-BANK, AL-SAUDI AL-ALAMI LIMITED

April W

38

Cdapasies and Markets

NEW YORK

9toe*

i May ' iMay

4- ' 3

AGP Industrie*...-

AM Inti .'

ASA,.,,

ASA„

AVX-Corp. l

Abbot laba- — i
Acme Clave..-..-.!
Adobe Oil A Gas.;
Advanced Micro.'
Aetna Life A Gan.
AhrnaMon IH.F,>
At Prod AChem

Akzena.

Albany int. ...

Alberto-Culv :

Albertson's

Alcan Aluminium,

Also standard

Alexander A Al
Aloghany Inti.,...
Allied CoiU-u.-..
AHied Stores ......

Aliu-Chalmara...
Alpha Portd ......

Alcoa

Amal. Sugar .....
Arne*..... —
Amdahl Cerp. —
Amerada Hess....
Am. Airlines,...-.

Am. Brands

Am. Broadcast's

ArarOan..—

Ant. Cyanarrtid...
Am. El sot. Powr.

Am. Express

Am. Gen. Insnoe.
Am. Holst ADk ...
Am, Nome Prod..
Am. Hosp. Slippy
Am, Medical Inti

n, Motors

Am. -Nat. Rescoa

A m.Petflne..

A m.Qeasar Pet..

Am. Standard.-.;

Am. Stores —

Am. Tel. A Tel—

Ametek tna.. •

Amlao.

AMP

Amstar. — —r

Amatead lnds-..J
Anchor Hockg. -j
Anheuser-Busch 1
Archer Daniels...,
Arm co —

Armstrong CK...J

Asa m era Oil.

Asat'oo _.i

Ashland Oil... 1

Acad D Goods..... 1

Atlantic Rich

Auto-Data Prg....| 25%

Abco - 1 JAM

Avery Inti..... 25i i

Avnet 1 SO

Avon Prod *5'«

Baker Inti-.... : 50%

■alt. Oat A El < 2S%

Ban Cal 1 23^1

Bangor Punta 17%
Sank America.... 10%

Bank of N.Y 39i 2

Bankers Tst,N.Y. 324,

Barry Wright 15%

Baitaoh A Lomb.. 45 %
Baxt Trav Lab.... 36k
Beatrice Foods... 19%

Beker Inds ... 6k

Belt A Howell. 21 k

Bell Indnstrlas-. 17k

Bendbe 94 k

■enefloM 19%

Beth Steel. S2k

Big Thee Inds ■ 22

Bleak A Decker ^ 14k

■look HR : 33 k

Hue Belt 24k

Hoeing. - | 19k

Boise Casaade— 28%

Borden — 33k

Barg Warner 29

Branlff Inti. ........ 2k

Briggs Strata -,..i 26k

Bristol-Myers : 88%

BP - 82k

■rogkway Oloss., 14%
Brown Forman Si 36

Brown Grp 32k

Brown A Sharp..; 15%
Browng Ferris.... | 34 Ir
B runswick...-....; 17 s#

20%

201)

27%

: 2B%

30%

! 31%

33%

: 34

31%

314

J4%

141;

10%

, 10);

24%

1 24%

45-3

■ 45*3

26%

27%

22%

. £lu

19%

19%

14J;

144

42%

421;

3a

38%

36%

26%

2E%

17

1 17%

49%

43%

41 %

, 414

134

1 15%

57>;

36%

44%

44)n

25%

. 234

3%

: 3%

34%

: S4fc.

62%

63%

9%

| 9%

96%

1 27

59

39

54%

' 04%

26%

264

22%

1 22%

63

56%

25

' £5

84%

1 24%

15%

19

49%

. 49*

15% ,

16%

19

194

16%

• 26%

84

84

19%

20 4

22 4

22%

33

32

397a

1 39

25k

18k

253a

49

25 la

: 30 k
; 25k
i 23k
: 17 k
i 18%
1 59k
: 35 k
i 16
, 44k
56

. 19%

! 63n

I 21k
I 17%
1 C3%
' 195?

: 22k
; 2ik
14
33k
24
19k
: 28k
33 k
29

i 2 k
1 255s
: 57 k

• 23k
; 14 k
56k
: 33
: isk
. 34
J 17k

Bueyrus-Erie
Burlington Ind ...
Burlington Nrthn

■umdy j

Burroughs ...I

CBI Inds. 1

CBS

CPC MB. ;

OSX J

Campbell Red L 1
QampboH Soup...:
Campbell Tagg...‘
Canal Randolph-;
Oar. Paolfle..,-..

Carl Isle Oorp

Carnation i

OarpTech. .........

Oertsr Hawiay— i

Caterpillar — .

OsLsnsse Oorp...
Centex ;

Central * »w....-

Central Soya— .
Central Tal Util...:
Oertaln-teed .......

Cessna Aircraft-!
Champ Home Bid.
Champ Int..-.—..
Ohamp Sp Plug..;
Charter Co —

OfuweMonliaK'n

Chemical NY !

Cheese Pond...
OhfeagoPneum-
Chrysler
Ohubb—

Cigna.- [

Cincinnati Mil— J

Cttl oorp .]

Cities Servles

Oity! Invest ;

Olark Equipment
Clove Cliffs Iron..

CHorfex 1

duett Peaby

Coaa Cole

Colgate Palm. — ■
Coll|M Alkman...;
Celt tads 1

16 k
225s
48 k
18 k
55k
527a
42
37 k
47 k
Ilk
36k
22k
28 k
20k
25 k
32k
36k

14k
45
58 k
31?a
16k
Ilk
3ik
12 k
17k
37 8
16 k
8 k
Bk
64
34k
354;

143*

6k
41k

475a
247a
28 k
53k
Z«k
207a j 207a
21 1 212;
14 ig ! 14k
16 k : 153;
34 1* 35 T 3
18k • 13%
15 m 13
27eg , 17

16 ;
23

49k |
18

36 k
*528 1
43k j
37k

46 'b j

115*

37

23 !

28 I

20k I

252; ,
323* |

367a .

14k ;
42% ;
89 k
21k I
15k
ilk '!
31 % ■
12k 1
183,
8% -
16 k i
8k I
8k
03%

34
357 B
14k

6&a
42 k

47%

245;

28k

35 k

24 k !

Stock

' May ; May
• 4 3

Columbia Can.—, 51k
Columbia Piet— 70k

Gombmcd Ini. 21k

Combustn. Eng,.- 27
Cmwilh.Edison.. 21 "a
Comm.Satttllto— , 65k

Qomp. Science.- 12 U
Cone Mills..——

Conras

Cons. Edison. •

Cons. Foods. 3575
Cons. Fre'ght.... 3®

Con. Nat. Gas ;

ConsumarPowoi' 17
Cont- Air Lines-:

Conti. Corp 27k

Conti. Group — 2a;,

Cont. Illinois *-8-;

Conti. Telsp • •

Control Data oOsj

Coo 00 r lnds,.__.'

Coors Adolph

Gappsrwcid ;

Corning Glass—
Corroon Black....
Cox Broadcast's.

Crane •

Crcckcr Nat

Crown Cork ,

Crown Zell

Cummins Eng....;
Curtlss-Wright

Daman

Dana — l

Dart A Kraft

Data Gen ...

Dayton- Hudflen ..

Deere :

Delta Air ;

Denny's

Dentspiy Inti . — 1
Detroit Edison....

Diamond InW

Diamond Shank..

D Giorgio 1

Digital Equip

Dillingham

Dillon

Disney -Walti

Dome Minea

Donnelly iRRj

Cover Corp

Dow Chemical....,

Dow Jones.

Dresser .. —

Dr. Popper —

Oufee Power. ..... :

Sun A Brad —

DuPont.

EG A G

Eases . — '

Eastern Airlines.
Eastern Gas A F
Eastman Kodak.’

Eaton

Echiln Mfg

Ecfchcrd Jack....
Electro rile Data.
Elect. Memories'

31 Paso..

Emerson Bleat...
Emory Air Fgt,...

Em hart— — .

Engelhard Corp ,

Enrareh

Earnark

Ethyl

Evans Prods

Ex Cell O

Exxon

PMC

Faborge -

Feddcrs -

Federal Co

Pedorai-Mogut...,
Fed. Nat. Mort....
Pod. Paper Brd...
Fed. Rcoeuroes..
Fed. Dop. Stores
Plclderest Ml—

Firestone

1st Bank System'
1st Charter Fin-,

1st Chicago !

1st City BankTex'

1st interstate

1st Mississippi....!
1st Nat. Boston..!
1st Penn. i

Flsons I

Fleetwood Ent... ;

Flexi-van -.1

Florida Pwr A I—.

Ford Motor. (

Foremost Nick.
Foster Wheelor..'
Freeport MoM—.j
Fruehauf

SAF -

8 ATX ...... — — 1

37
12
24 ir
43
20k
32 -q

85 k

29
25k
21k
58
401;

7k
28
53 '-2
30k
56

30
2 Ik
26 k

18k 1
lek
57 k ;
213 b
10 ,
81k j
Ilk .
21k *

57 k 1
10M '
44k .

23k .

22k •
474g .
21 ;
13k .
25* ;
70a; .
35i: :
174 b .

315;

70

205s

26 T a

2157

6373

12 k
30k
247*
373s
35 lj
375g

47=3

17sa

438

2739

za

2B5fl

1713

303;

57

12

34

475a

20k

31

253;
23 k
243*
22
573;
40k
73;
275*
53 k
33
35k
293;
30 <s
255;

18k
12 la
SB
ZMf
10
80k
111-
21k
57
10 k

44 1 ?

23 k

22k

475,

30k
12*
23 k
691-
35k
17k

19 k
6

20Sg
72 k
295>
14
2C
27*
5 k
233;
473a
B

*4I S

22

: 187a

1 20*
1 711a
! 5Qk
I 13k

IS"

{ 23*
47 k
! at e
; 84 Is
! 22*

205; .
45k ,
20k '
9k .
21k
28 k
26 k
18 k '
35* 5
23* :
20 ■
10k-
86
lk '
44 <
23 k
10 k
35

9* ;

203,
45*
2S3;
10
32
28*
27
17*
3*
25
19k
10 k
25 k
lk
43l a
23k
ID*
32 It
8%

187a • 187 b
257 6 ; 24
28* , 28*
10 k 1 9*

26 k 1 267 8
3k ( 3k
63; J 5*

15 U • 15k
18* I 18k
3Zk } 32 1 3
245b i Z3k
305 b 1 30*
12 k l 12k
161- 1 16*

16* j 161-

127 fi | 12*

27 k 27 k

Gnnnat. ——!

Gclco !

Gen Am invest...'
Gen Cinema .......

Gen Dynamics....;

Gen Electric j

Gen Foods

Gon Instrument-!

Gen Mills

Gen Motors .......

Gen Pub utilities

Gen Signal

Gen Telep Eleo...

Gen Tire — \

.eneseo— .

3 6 k
191;
16
39 k
30 k
65k
37k
39 k
42 k
43*
5k
37*
30*
18 k
43;

Genuine Parts. -
Georgia Pac—

Geoaource

Gcrbes Prod...

Getty Oil

Giddins Lewis.

Gillette

Global Marine.
Goodrich <BR.
Goodyear Tiro.

Gould

Grace

Cralngor iWW)

.| 373;
.; 16 k
.j 51k
■i 297s
61
17k
.1 35k
13 k
195*
...235*
26*
39 k
J 393;

I 36*
I 19 S;

i 16
39 k
: 291,
64*
1 36k
3*

; 415a
‘ 42k
• 5k
! 37k

l ?03B
1 18 k
I 4k

373;
16k
51
297 3
! 30
I 17k
1 3478
> 155*
i 1958
; 23k
26k
! 387;
I 3978

WORLD STOCK MARKETS

Fiij^icial Times Thursday J&ffgy: Q

Stock

Mop | May

4 ■ 3

Gt. AH. Pae. Ten-
et. Basina Pet...;
GtMthn. Nekoesa.
GL WastFInancl-

Greyhound —■

Grumman

Gulf AWestem.-',

Gulf OH i

Hall 'FBi J

Halliburton ;

Hammermill Ppr

Handlaman

Hanna Mining...
Harcourt Braes-
Harris Banep — ,

Harne Corp ,

HarscO

Hecla Mining—.;

HeinziHJi..—

Heller IntL.o— -

Heroulaa .... 4 ;

Hershey -

Heubiein ;

Hewlett Pkd !

Hilton Hotalt ‘

Hitachi -.——1

Holiday Inns..—., 1

Holly Sugar

Homes take...— ..:

Honeywell .— |

Hoover . ...

Hoover Uni -i

Normal Geo.V [

Hospital Corp—’
Household Inti....

Houston Inds

Hudson Bay Mng.

Hughes Tool.

Humana.——....

6 , 8
’ 3k 3k
35* I 39i»
Uk ! U ;
14k Mk
25k 25k

16k 1 16k

50k ' 30k
28k ! 2Bk
34k I 34k
25k 26

13k j 13
31k 1 31
16k I 151*
287a i 289a
30k | 30k
18 k . IBS*
81* 1 8k
32k | 33k
18 k • 18 l a
21k I 21
40k 401<
39k ; 39k
44k i 44k
39k > 39 k
2658 i 26k

2Bk f S8k
45k i 452;
237a j 24 k

73

10k

17 k
25 k
323*

18 k

70S*
10k
17 k
23k
21k
18k

19k I »k
14 ! 14

SSr 9 SSk
26k 1 26k

Husky Oil

Mutton (EF) -

ICInds

tU Int..

Ideal Basle Ind..

Ideal Toy

ICI AOR.

Imp Corp Amer..

INCO-

lngersot Rand-

Inland Steel.

Intel -

Inter First Corp..

Interiake —

inter North

IBM

578
.. 32 k
. 30
. 13k
.■ 14
: 13k
■ 6
; 6k
10k
.' 50
197 b
, 313*.
. 23
. 263b
. 27k
. .643*

! 8

31k
30 k
13 k
144*
13k
6

69*
10 7g
| SO
20

i 31k
I 227s
28k
; *7k
i 64k

... 19% ;

| 194

.. 5% 1

47,

83*

..1 374 1

1 36%

j 12 % ;

; 12

... 257a :

: 26%

.. 41 i

' 414

21% ,

, 21%

27% ]

[ 88

243* |

[ 343*

19% 1

19%

.. 234

2338'

... 414

407s

1. 15 |

16

26%

87'

-I 1BS »

189$

.. 224 !

12%

... 30% ,

30%

Kaiser Steal-

Kaneb Services.. 16
Kaufman Brd—. 85*

Kay Corp • 95e

Kellogg ) 25k

Kennemstal...... 30k

Kerr-McGee . — ...i SOk

Kidde - 21k

Kimberley-aariL. 637«
King's Dept St — 1 2k
Knight Rdr. Nws 1 319,
Koppers. . 143*
Krochler....— 7

Kroger 31k

LTV... • 14

Lanier Bus. Prod; 16 k

Lear-siegler. 26k

Leaseway Trans.; 267 b

167g

82*

B7fl

26

301(

31

21k

•258

2 k
32k
145s
7

309*
.1 14 k
! 157a
; >658
269*

Lenox — .1

Levi Strauss

Levltz Furntr — \
Libby Owens Fd^

Lilly (Ell)....: |

Lincoln Nat.. 1

Litton Inds.:

Lockheed-

Loews J;

Lone Star Inds ...|
Longs Drug Strs.
Louisiana Land -j

Louisiana Pao |

Lowcn stain

LubrlzoU...

Lucky Strs

M/A Com. Inc—.'

MCA —

MacMillan.

Macy !

MfcrsyHenover...
Man vine Oorp—.,

Mapoo

Marine Mid

Marriott

Marsh McLenn...
Mart hair Field...;

Martin Mtta

Maryland Cup. ..

Masco

Massey-Fergn

Mass Multi. Cor pi

Mattel ;

May Dept Stn._|

Maytag 1

McCulloch - _l

McDermott (JR)-|

McDonalds

McDonnell Doug,
McGraw Edlson-I
McGraw-Hill ... jj
McLean Trukg -

Moad

Media Genl 1

Medtronic* ■

Mellon Natl

Melville

Mercantile Ste_J

Merck

Meredith -

Merrill Lynek

39k 38k

24k 23k

247 S 249«

22 k 221*
63 • 63k

42k 4BSfl
47T 3 48 k

55k 64i a
932* 935 B

21k 21k

291* I 20 k

297 S 30

193* 19k

27k | 27k
21 ! 815s

15k i 15
23k 92

61 filk

155g 153.

34 k i 333,
31k l 315 b
13k I 133*
30k I 31
22k I 221*
383b : 28

34 k > 34 k
29V ; 29 k
30*8 | 291*

35 k 35
34k 34 Sb

2k 1 2k
17s b I I77 8
19s» j 19 k
285b 285a

29 '

10k

24k

67 Iq

39

29

523*

12 k

205b

38

433;

243«

464*

623,

77.

60

29l B

| 285s

1 1058

I 24k
673*
363*
283*
51k
12
20k
38
421 a
35
••46
, 61k
767 3
i 685*
1 20k

Stock

May ; May

4 ] 3

MAM J 5l3

Metromedia ...-. 806k
Milton Bradley _i 19k
Minnesota MM....j- 55k
Missouri Pan -.-.1 52k

Mobil — ! 915r

Modern Merohg.‘ 9**
Mohaseo — — < JOT*
Monarch MfT — ; 17_

Monsanto 66j«

Moore MoCmrk..| 21k
Morgan UP] ; S57 8

Motorola — j 64-e

Munsingwear . J 12k
Murphy (CC> — ! ilk

Murphy 01 flja

Nabisco Brahdal 34 s *
Nalco Ohem— 447 8

Nat Can. >

Nat. oatrolt.— .■
Not. Diet Ghem-;
Nat Gypsum...—
Nat. Medical Ent
Mat Semieduotr^
Nat. Service Ind.
Nat. Standard .. J

Nat. Steel J

Natomas. — .!

NCNB

I 57a
!209k
; 19-
65k

I 61k
! aik
I 9k

; 11

17k
66k
; 213*
B6k
• 627s
j 126s
: Ilk
I 31

I 243,

45

19 ' 187 b

22 k ! 225s
22 [ 22k

217 6 213s

26 ! 25k
2Sk ; 23k
28 24k

Ilk Uk
1878 187 S

19k 18k

14 14

NOR-— 495s

New England El.. 263*
NY State E A O-.! 16*

NY Times — | 40aa

Newment Minins. 85h
Niag. Mohawk....: I4ig

NICOR Inc. , 28k

Nielson (AO A. 4893
NL Industries — 243*
NLT I 287s

Norfolk A West*
Nth. Anr. Coal —j
Nth. Am./ Philips!
Nthn. State Pwr.:
Northgate Exp._>

Northrop — 1

NWast Airlines
NWest Bancorp^

Nwast Inds 1

Nwestn Mutual.. I
Nwest Steel W_i

Norton

Norton Simon —
Occidental Pet—
Ocean Drill Exp.,

Ogden —J

Ogilvy A Mrth. □

Ohio Edison J

Olin - —

omark. ;

Oneck..- — — :

50

267B

16k

40k

34k

133,

. 28k
48
247a
28 t 8

61

31
38k
263*

37a

5178

28*

2U*

693*

9k

10>8

34

207b

19k

20

25*

32
13k

217 8

1478

28k

I 50k
i 30k
38k
263*
3k

50k

283,

22 k
69k
93?
IS k
33 k
203,

19 k
20k
25 k
32
13 k
21k
15
28 k

I May

I <T

May

3

Schlitz Breyv ! 165e ' 16k

SeMumbeaer— 47i* 1 485a

8 CM- ■ 23 I 23k

Scott Paper..-.—, 17S* f 17S«

Seaeon — — : 24k ; 245 s

Seagram j 53se ; 63k

Sealed Power— I 30i« 1 28 k

Searle (GO) J 36 ! 36

Sears Roebuck-, . iss, i isk
Security Pao —1 33 v ! 33 s*

Sedeo -J 32i 8 32«a

Shell Oil .1 353* i 353 ,

Shell Tram...,-'— j 29k i 20k
Sherwln-Wma,.— ‘233* 23

Signal . J 19k > 20 k

Signedo 48k i 49

Simplicity Patt— ' 87 a 87 S

Singer. j lik 1 13k

Skyline..— — 15?a issg

Smith Inti i 30k ' 50k

SmithWIne Be eh 70 ! 68 k

Sonesta Intf— 10k f 10 k

Sony — .1 145s ■ 14k

Southeast Banks! 165# ; 163*
Sth.Gal. Edkoru., 323* 52Ss
Southern Co....._| 12 J? | ISk
sthn. Nat. Res....: 26k i 25k
Sthn.N.Eng.TeLj 444* ; 46

5 thn Pacific. J 33k 1 33k

Sthn. Railway— .1 96k ! 95k
Southland ——j 325« ; 3Zk
SW Ban safi ares..* «k j S4sg

Sperry Corp 1 S®k 1 27k

Spring Wills S9 j 28k
Square D„. 265? ; 26k

Squibb ! 35k j 36

Std. Brand* Paint S43e ! 237s

Std 011 01 Horn la. I
Std on Indians...;
Std Oil Ohio — —1

Stanley Wka i

Stauffer Chem _j
Sterling Drug— .]

Stevens (JP) :

Stoke fy Van K.._

Storage Tech. —1

Sun Co |

Sundstrand :

Superior Oil j

Super ValStra..-'
Syntax—. ]

Taft l

Tampax— .j

OtttboardMarin* 22 5*
Oversaos Ship.—: 15k
Owene-Corning..' 197a
Owem-lUinois...J 26 1 a
PHH Group.... — i 217 a

PPG Inds j 34

Pabat Brewing.../ 10k
Pao. Gas A Elect- 233*

Pac. Lighting \ 33k

Pao. Lumber,.—: 19k

Pac. Tel. A Tel — }

Palm Boa eh

Pan. Am. Air \

Pan. Hand Pipe..,
Parker Drilling...
Parker Hanfn. — : 19k

Peabody inti ( 6 k

Penn Central — > 29k
Penney MO— { 36k
Pennzoil — J 39 k

161$

16%

4k

32k

126*

Peoples Energy f
Pepaico . .........

Perkin Elmar 1

Petrie Stores I

Pet ro lane |

Pfizer — ,

Phelps Dodge

Phi la Elect j

Phibro - —

Philip Morris ....-I
Phillips Pet :

Plllsbury

Pioneer Corp I

PHtnoy- Bowes ...!

PKtston —

Planning Res’ch l

Plessey — !

Polaroid -

Potlatch — 1

Prentice Hall

Procter Gambte.i

Pub.Serv. EAG.i
Pub. S. Indiana...,

Purex

Pu rotator

Quaker Oats .—

Quanex

Questor — ..

RCA- 1

Raison Purina — 1
Ramada Inns. —
Rank Org. ADR-)

Raytheon. -.1

Reading Boles— I
Redman Inds—,.,

Reeves Bros |

Relohhold Chem 1

.8%

39

S3

24
14%
66%

25
143*
*2k
61k
30%
44 k
20%
281;
1BU

7%
74%
20
27 k
29
863,

I 22%

I 15%

i 19k

257 8

; 21k
I 34k
19 k
\ £33n
I 23k
I 20k

16k

16k

3%

32%

12%

19%

6

29%

353*

383*

j 8k

38k

28k

22k

14%

563,

25%

14%

22

I 6Hb
31
45
! 21
27 k
183,
7k
74k
18k
27 k
29%
86

Tandy 31k

Taledyne ...123%

Tektronix.. < 56

Tenneco 26%

TesoraPet \ 22

Texaco -.; 30

Texas Comm. Bfc 23k
Texas Eastern....: 49k
Texas Gas Tm....' 26%
Texas Instr'm'ts. 9i
Texas Oil A Qas-> 31
Texas Utilities.-. 23k

Textron 22 k

Thermo Electro- 14k
Thomas Betts — 51 7a

Tidewater -■ 23k

Tiger Inti 1 9k

Time Jne^ — J 337$

Times Mirror — i 44||

Timken —

Tipperary- —

Tonka

Total Pet

Trane —

Transom erica

Tramway..

Trans World

Travelers
Tri control

21% ; 211a
24% 24k

30k I 30k
34% ; 33k'
42k 42%
9k 9k
13k 13k

207g 21k

13% i 13%
53, j 6k
3 I 3
36% 35

16 ! 153*

14%

66%

12k

Republic Steal.
Rep of Texas...
Reich Cottrell.
Resort In d A

Revco rDS)

Revere Copper

Revlon

Rexnord

ReynoldsiRJ)....
Reynolds Mtls-.
Rite Aid-... ,...,
Roadway Ex pa
Rcbblns IAN) ...
Rochester Gas
Rockwell Inti...
Rohm A Haas-.
Rollins

.. 20
J 33 k
J ilk
-I 21 %
J 237$
u%
... 89 k
J 121?

— ! 491,
19 k
33 k

'38
..1 T3%
14

-I

... 65k

J ISk

13%

66%

12k

IBTa

32k

12

> 31k
i 263*
: Ilk
« 28i *
1 13
! 48k

; ||%

"TVi
: 137g
'■ 307 a
56 k
, 15%

Rolm —

Roper Corp.....

Rowan —

Royal Crown

Royal Dutch . — ..

Rubbermaid

Ryan Homes ...
Ryder System-
SFN Companies-
SPS Technol'gies

Sabine Corp-

Safeco

Safeway Stores -
St Paul Cos '
St Regis Paper—.

Sante Fe Ipds

Saul Invest

Saxon Indus

Sabering Plough'.,

30 k
10%
11%
18%
35%

39 k

14 k
307a

19 k

15
55%

40 k

28 k
46 V
^6k

15%

7%

1%

29 k

307 9

10k

11%

18%

I ?6k
39%
15k
i'30i*
193*

1 IS
: 35
. 40%
' 291?
J .4§kr
1 86%

i *8*
T 4 ®

I 1%
1.30k

30% i 30%
43 ! 42

54% I 34%
15% ■ 15k
23k I 22S S
24 I 24k
16% 15k

357 fl 55%

24% I 26k
35k ! 35
351« I 35%
33% ] 33
18 18k

35k 35%

51% 51%

317 3 317a

357 8 35%

55%
_. 9k
*5%
.: 9k
.! 29%

-i 20%
.1 23 k

J 81k

47k
.1 7k

1 317$
;i23k
I 64%
25%
i 22k
{ 29%
l 33%

> 49
i 247$

1 91

, 29%
'• 25 k
J 22 k
: 14%

; si ■
i 23%

I 9i <

33%
I 44%

53k
B7g
25
9k
30%
20 %
33 k
20 %
47
81*

Trl Continental—; 18%
Triton Energy— , 13k

Tylar 17k

UAL- ; 19

UMC India. 8k

Unilever N.V . — 1 603,
Union Camp...—: 50
Union Carbide—; 4-7

Union Oil Oai I

Union Padfle-... j

Uniroyal — .

Untd Brands- j

utd. Energy Raid

US Fidelity G. I

US Gypsum — i-i

US Homo

US Inds

US shoe

US Steel —

US Surgical-—
US Tobacco — —

US Trust

Utd. Teehnolgs
Utd. Telecomms.

Upjohn

VF. i

Varlan Assoa
Vernltron — 1

33k
37k
8 k
Ilk
32k
•44k
30 k
12k
97,
313*

25 k
21
463*
363,
38k
21
46k
41k
37k
103*

Virginia tP — 1

VUlean Matria—
Walker (H) Rea —1
Wal-Mart Stores.

Wamaoo

Warner Comma..'
WarnerLambt ...
Waahington Port
Waste Mangt.—'

4Weia Mkts.r... ■ ;•

Wells Fargo

W-Polnt Pepph...:
Western Airlines;
Wertn. Nth. *mr.i
Wertinghouse .— l

Westvace — l

Weyerhaeuser j

13%
44k
127 B
51k
323*
58k
24
337 b
33 -
40k
22 k
25%
4
12
26k
21k
27%

1B%

;i;;

‘i 4

60%

49%

47

34

367g

10%
S3
437 S
30%
12%
10
31
23k
20 k
48 k
363*
37%
203*
48k
40%
361*

207 8

| 13k
! 43k
: IS

Slk

31k
: 58k
’ 23%
33k
. 32 7 B
i 40%
i 227 (

! 23k

I 4
; 13
s 857s

1 21

i 27%

Whaeiabratr P — 32%
Wheeling Pitts-. 147 8

Whirlpool 29k

White Conaoftd- 273*

Whittaker 27

Wlokes — — 2 k

Williams Co. 19%

Winn-Dixie Str— 36

Winnebago — 6k

Wise Elec Power 303*

WootworOi 19k

Wrigley — : 32 k

Wyly . .. a

Xerox ( *5

Yellow PrtSys— 13

Zapata - 19k

Zenith Radio-..-; 14%

327 8

15k

29%

28%

26%

2%

201 ,

36k

63*

31%

20

52%

8

34%
13%
1 19 k
; 14%

NEW YORK

—DOW JONES

[Since CmpH't’n

1 > I ■ ; ! 1982

J May 1 May ■ April ‘ April April : April — —

' 4 1 3 ; 30 [ 29 . 28 ( 27 : High j Low ) High j Low

: ; ' 1 I 1

•Induatr’la |a64.*6 SMJIo 643.36 844.64 863.64 867.60' S 32.52 * 785.47 . 1061.70 I 41.22
, ! ' > ■ I4»1p I ra;s> 411MI7B) (2)7,37)

H'me BndtL SS.69 : &2.56[ 68.59 69.52,' 59.60 69.57! 69.69 ! 66.67 — I —

) i ' : , (4:5) : ms 1 1

Transport- ;343.66 545,98. 345.15' 542.44 345.M : 346.64. 588.40 I 514.58 : 447.58 i 12.82
: | ! I , ■ I I7MI , 16)5) (16)4)81 1 (8)7/52)

utilities-... ;l 14.83' 114,221 115.49 115.61 114^12' 114.61- 116.09 1 103.61 , 165.52 10A

I ! , (35/4) I (15/1) ,(20/4)63) (28/4/42)

TradlngVoi 1 ■

OOO-t B6.7S046.4M: 43 , MO 51,530 50 I 650'5S,4fiB; — — J — '

I 1 ; 111 I I I-

A Day's high 860.10 low 643.17

bid. dhr. yield %

I April 50 ; April 23 1 April 16 ,Year ago (Approx

6.58

6,47

8.61

5.57

STANDARD AND POORS

taduefli — ;
Composite

May

4

< ! : ■ ■ ?

May i April ] April ; Ajtrll 1 April !■

1982 tynaeCmpirTn

3 1 30

29

S7 -.I Higb_| Low ; High

Low

1E0.66I 159 JS; 1!B.4ll 129.071 130:57; 13T.2DI 157.2S ■ 118.41 < 187,88 ) 5,52

! . : (4)1) IB.'fi) '(26/11^(38)6)52)

117.46- 119.81: 119.44 118.15 117.26 118.00! 122.74 ■ 107.54 ■ 140.58 i 4.407

April 28

April 21

i April 14

: Year ago (approK)

S.S4

5.72

6.71

J 4.61

Ind. P)E Ratio |

7.38

7.75

7.77

9.37

Long Gov. Bond yield

12.93 i

12.92

13.11

! 15.36

NY. 8.E. ALL COMMON

MeyjMayl^r.^pr.

19B2

RisfiB and Falla

; May 4 . May 3 Apr. 30

High I Low

&7.8367.3&87.08 66.95 1U0 ; 62.53
I I j ! (4lll I (12-5)

Issues Traded 1,875 1,855 1.644

Ri3SC. I 894 . 703 ; 725

Fall- ,.J 518 ! 6B6 i 654

Unchanged——! 463 I 466 ' 455

Now Highs. 74 , 44 I 22

New Lows 26 I 30 1 27

MONTREAL

\ May May 1 April ■ April

1083

50 « 29

High

Low

IndurtrlaiB OT2.iT 291.76 ZF3.ua £84.57, 232.79 (4.11 ( 270.48 (IB. 5)
Combined ' OT &.09 zra.asl 262.77 269.641 216.00 (4.11 I 269.08 (16.5)

TORONTO Composite! 1645.0 1 W 2 J >1646.1 1 166 E.Q> 196B.fi ( 4 . 1 ) ' I 1637.9 (16

NEW TCSEC ACTIVE STOCKS
Change

.TUeadag Stocks Closing on

traded price day

P«n-Am. Air. ... 1.6B6.SOO 4% + V

D*‘)pnnt 1,002.200 14% -t-ik

Pekten Pur.na . 9«.600 1?.% + %

Middle 5. Uni. 353.200 IT'-, —

Met*! 735.500 21 Vd - %

Am. Tel. tfnd To*. W3.900

Ea*nn - 712.100

C'wealth Edison 630.900

MaiMl 842.5C0

Sony KL400

Change

Stocks Closing on
traded price day

54 % :+ %

28% '+ %

21 ’* - %

19* + %

14% + %

<“) Saturday May. 1l •kp 8 * Dow 7.445.57. TSE 550.63.

Base values of ell Indices ate 100 except Australia Aff Ordinary and Metals—
600. NYSE All Common— -SO: Standard and Poors— 10: and Toronto—' 1.000; the
last named baaed on, 1975. t Excluding bands. 4 400 Industrials. §400
industrials plus 40 Utilities. 49 Fuianeirta and 30 Transports. c Closed
■I Unavailabel.

1 |

May 1 May \ May
« : .4 ( J

Apr.

30

•'

1983

High ( Low '

AUSTRALIA

aii ora. n:i/an>

Metal ft Minis. (W/88)

! i

«S.8 ! 483.7 ! 433.5
iEU 365.8 iSLfl

502.2

582.0

535.5 (4)1)
426.1 (5/1)

465.B (10)8)

522.2 (2/4)

AUSTRIA

Credit Aktlan (2)1/8!)

;

62, otf 52.47 52.42

82 ' M

6046 (4/1)

52.18 (19M)

BELGIUM

Belgian SE (31/12 *3)

!

3240' 84.55' (c)

88.20

102.43 (6)4)

88.42 (20)1)

DENMARK

_ Copenhagen 5E fWI/fe

120.13 120.2o' 128.15

120.58

12643(2512)

112.80 (3/5)

FRANCE

CAO General (3UT2/SH
Ind Tendance (Slrttf 811

110.2 I 2834 | 103.1
1254 1 m.2 j 1214

*1

03 Cft

nuistt

124J) (IB/2)

80.8 (4/T) '
07.7 (4/T)

GERMANY

FAZ-Aktien .(S1/12/68)
Com merzPanWDec 1855)

235.80 254.76 45444254.51
711.7- 7164 1 714.6:715.4

563.46 m .
728.3 (6/4)

“21^»(li/D

8584 (18)1)

HOLLAND '

ANP-CBS General (1972)
AHP-CBS lndurt (1378)

82,8 j 35.5 | 324
72.6 I 75.8 | 724

to .
fe)

. 84.9.(27(4)

75, a (5/4)

84.0 «1)

SU (8/1)

HONGKONG

Hang Seng Bank(11/74fi

r : i

»1840:i519.56lia2fl4fl>lS8fi.3S

1445.0 (12/1)

1120.86 (B/61

ITALY

Sanaa comm itaUlSTO

■ ■■ - j. - \ t* H

106. 10 j 180.17' 180.7eJ 10146

212.00 (1915)

J«{.« (15/1)

JAPAN**

Dow Average rl6n/43)
Tokyo New SE (Ol/Sai

! i

( 0 ) -7457.1 II (el
(0 .661.82! (d)

■

7290.80

646.2*

7928.66 (27/1) { 688848 07)81
58548 (27/1) - 520.70 (17/Si

NORWAY

Oslo SE <1i 1/73)

1

120.77 118.07 17844

110.84

16043 (20/1)

108.12 n/4)

SINGAPORE

3traita Times (IMS)

! : .

767.54 7M45 767.86

760.32

.

010.70 (8/1)

887.49 (3/6)

SOUTH AFRICA

Gold (1358)

Industrial (1356)

(U) j 428.8 ! 4214
(U) ! 695.9 ; 5344

425.5

085.8

669.1 dm
711.7 (8/1)

41U (8)5)

686J (23/6)

SPAIN

Madrid SE (68/12(31)

! 1

108.81! 100.92] (c)

KHJ.flfl

107.fi (3®

B9.17 (6/1)

SWEDEN

Jacobson ft P. (1/1)68)

577.52| 575.78, 57141

66S.2

K642 «m

666.82 (28/4)

SWITZERLAND

Swiss BankCpn.(31/12jS81. 2E<.fl 2B&.8 [ ZE&4 [ 268.2

■205.1 (11/1)

242,1 (11/6)

WORLD ■. i ' I ' [ - '

Cauttai Inti. (1/1)78) , — i «7.«. , .138,9 ! 156.7

. 147,2 (4/1)

125.1 /17)B)

TUESDAY’S RAIXY on Wall
Street was extended yesterday
morn ins & furQier Retire
trading, with kntbridual issues
in spedai situations attracting
the most attention.

The. Daw Jones Industrial
Average, which gained 5.42 the
previous day, was 3.90 higher
at 858.35 by 1 *>m. The NYSE
Ail Common Index added 29-
cerrts at S87.92, while rises
outpaced falls by a twxHto-trae
margin. Turnover amounted to
43.43ra shares,’ compared with
Tuesday’s 1 put figure of 44.44m.

Analysts said the market
appeared to be determined to
rally despite the negative back-
ground news, particularly regard-
ing the Falkland Islands' crisis.
Investors may be buying in anti-
cipation of an economic recovery
sometime this summer, they
added.

“ The market Is moving ahead
bn its own internal momentum. ”
one analyst said. He expects
the D-J Average to rise to the
870 level before the rally loses
steam.

One of toe biggest declines
against the trend was recorded
by Flow General, off 5£ to $124
after a late opening. On Tues-
day, the company said it expects
a sharp drop in earnings for the
fiscal third-quarter ended March
31.

Volume leader Storage Tech-
nology fell li to $225 on turn-
over of more than lJ.ro shares.
The company said It knew of
no recent corporate develop-
ments to account for the dTop.

Northrop rose 15 to $53| an.
speculation that the Administra-
tion may decide to sell North-
rop’s F5G fighter planes to
Jordan.

Metromedia slipped 1} .to
5205. The company announced
on Tuesday that it will sell its
outdoor advertising operations
in Atlanta for an undisclosed
amount.

THE AMERICAN SE Market
Value Index improved 0.46 to
272.28 at 1 pm. Volume 2.76m
shares (332m).

Closing prices for North
America were not available
for this edition.

Canada

Markets showed a downward
tendency in tight early dealings,
wife fee Toronto Composite
Index weakening 4.9 to 1538.1
at noon. Ten otf fee 14 sub-group
indices m Toronto were lower,
wife overall declines leading
gains by 11$ to.S&'Golds shed
37.9 to 2.0S7.S and 0& and Gas
13J3 to 2.6S43- .

Canadian Pacific was uff
changed at CS25§ despite report-
ing a drop la first-quarter earn-
ings to 65 cents per share, com-
pared to CSL86 an fee year-ago
period)

Wife fee price of Bullion
weakening on international
markets, Gold issues had Camflo
Mines down H to CS7, Campbell
Bed Lakes Ho C$14} and Dome
Mines 1 to C$12f .

Germany

In a session feat seemed pre-
occupied with fresh news of
combat over the Falkland
Islands, stock prices generally
receded yesterday In moderate
trading. The Commerzbank
index retreated 45 to 711.7.

Brokers said selling from
abroad and position balancing by
dealers set fee trend, wife
investors reluctant to commit
new funds white the FaBdands
dispute persists,

BMW. in Motors, fell DM 5.70
to DM 197.50 on speculation feat
fee 1981 dividend, due to be
announced today, will be below
the 1980 payment of- DM 10.

In Chemicals, Kail and Salz
dipped DM 13 to DM 159 on
repprting a sharp fail In interim
turnover.

Electricals had Siemens, ahead
trf results, down DM 1-20 to
DM 238.50. Varta ‘ dropped
DM 3.50 more to DM 15S.50,
making a two-day loss of
DM 14.50 on fee dividend cut
news.

Engineerings h«d up better
than most sectors, wife KHD
hardening 90 pfennigs to
DM 174.90 and MAN unchanged
at DM 169. although Unde
slipped DM 1 to DM 27950.

West German Bonds and
Debentures recovered somewhat

On the expectation feat-' the
special Lombard facility,
currently open at~ 95 per centy
would be replaced by the regular ;
Lombard, which stood at 9 per
cent when it was suspended in
February - 3981. TJbe market
expectations hinge - on today’s
meeting in Berlin of the
Central Bank Council of .fee'
De&sche - Bundesbank ■

Paris

Mostly higher levels prevailed
in fairly quiet trading, wife
sentiment boosted by another 1
of. a point cut in the French Call
Honey rate to 16| . per cent
yesterday. The Indlcat’enr de
Tendance index rose 1.3 to
123.5.

Oils recorded-, one of the
largest rises as a sector, respond-
ing to news that the French net
oil bill rose 7.6 per cent in the
first three months of this year.
fcFP pirt on FFr 45 to FFr 135.8
and Elf Aquitaine FFr 2.6 to
FFr 143.6.

Thomson CS firmed FFr 2 to
FFr 172 in spite of Tuesday’s
announcement of a provisional
consolidated net loss of FFr' 180m
last year, against a FFr 307m
profit to 1980. . •

Australia

Markets tended to drift
modestly easier on low volume,
with local and overseas traders
remaining cautious despite over-
night improvements on . Wall
Street and London stock
markets.

The All Ordinaries index
slipped 2.1 to 406.6, while the
OH and Gas sitb-grmip index shed
5.6 to . 446.9 and Metals' and
Minerals 23 to 361.5.

News * that production testing
of the Surat Basin oil discovery
well. Yellow* ank Creek No. 2.
has started toiled -to stimulate;
participants in. the well- Bridge.
Ofi lost 10 cents at AS3.0Q and
Crusader Oil 20 cents at A$4.S0.
while Project Ofl, 48 cents, and
Moonfe Oil, AS 1-15, wire both
unaltered.

After- hardening on .Tuesday
on fee Jackson No. 3 oii flow

announcement fee ■ partners
generally . lost ground yesterday.
Claremont -declined 3-cepts to 84
cents, €SR 7 cents to A53.28 ami
Santos 10 cents to AS4.85, hot
Vamgas added 20 cents at
AS7.30.-; .

Switzerland

. Share., prices; closed mainly,
lower in above average turnover
as substantial selling erased
• earlier gains.

Investors are increasingly con-
cerned ~ about the deterioration
of the Fa&fonds .Crisis, dealers
said, adding that Monday’s news
of a renewed .rise in City of
Zurich consumer prices continued
to depress sentiment*

Hong Kong

As early, improremeifi to
share prices was eroded by late
profittaking as fee . market
continued' Its coosofi elation phase

after, recent gains.

Stocks ended a shade easier
for choice, where changed -on
balance- The Hang Seng index
was down a slight 3.16 at 1,316.20
on fee dav. Trading remained
subdued, wife turnover totaHtog
HK$170.34m to fee. short
Wednesday sessions aghast fee"
HKS220.93m recorded in fee
fall -day trade on Tuesday.

. Oitaa. Light, after fee prevtoOT
day's speculative advance of 50
cents, receded 30 cento to
HK$14.90.

Johannesburg

Gold shares turned easier wife
fep Bullion price at fee dose in
quiet trading, after failing to
show any dear trend earlier.
"Declines were generally modest,
although Libanon lost RLOO to
R1575 and FS Gednld RL25 to
R26.75. ,• ,

Mining Financials had Anglos
down 20 cents at RLL70, and in
Diamonds, De Beers slipped 12
cents to R5.10.

Tokyo _

Markets were closed yesterday
for fee Children's Day holiday.

CANADA

StocK

May I May

4 3

AMIGA lilt 1

Agnlco Eagle. —
Aloan Alumin».|
Algoma Steel —.1

Asbestos. —^.1

Bk. Montreal {

Bk. Nova Scotia ..
Basic Resources.

Bell Canada 1

Bow Valley 1

BP Canada —
Brascan A.._,

Brinco.

B. C. Forest —

C1L Inc. — — I

Cadillac Falrviewj
Camflo Mines —
Can Cement_.J

Can N W Land*_|

Can Packers ,

Can TVusco
Can imp Bank.

Can Pacific.

Can p. Ent-__
Can Tire

IS 1 * ; ie%
is ! 16

6% j 67$

S5% S5%

38 , 33

18 : 18%
80 1 80

81% i 21%
3.00 ! 3.05

20

14%

31

17%

4.10

9%

83%

7%

8%

»%

195*

137 B

31%

17%

4.20

9%

25%

738

8 %

9%

28 ( 243*

20Vj 89

Chieftain.*., — ..1

Cominco I

Cons Bathst A. ...
Cont. Bk. Canady
Coseka Resrcea.
Contain . J

Daon Devel j

Deniaon Mines..^
Dome Mines .— 1

82%

26%

13%

34%

18

3S%

14%

67$

6 %

7%

3.54

21%

88 %

86 %

13%

34

18

40%

14

6 %

7%

2.56

88%

18% '. 13

Dome Petrolaumi 9%
Dom FoundrlesAI 31%
Dom Stores —I 16%

Domtar —I 19

Falcon Niokoi..... 48

Genstar

Gt Wert Ufa. — 1210
Gulf Canada 13%
Gulfstream Rea.. 2.98
Hawk Sid. Can J 8%

Holtlnger Argue,,
Hudson Bay Mngi
Hudson's Bay„_4
do. Oil & Gas.,

Husky Oil

imasco — —
Imp Oil A—

Inoo, —

lndal._

Inter. Pipe

Mac Bloedel |

Marks * Spencer'

Massey Fein

McIntyre Mines-
Mcrland Explor.-j

Mitel Corp. (

Moore Corp.. —
Nat Sea Prods A
Noranda Mines. J

Nthn. Telecom
Oakwood Pet — j
Pacific Copper.,1
Pan Can Petrol—,

Patino — —

Placer Dev..— _
Power Corp,..
Sue boo Strgn.

Ranger Oil .,,—t 6%
Reed Stenhs A—! 12%

Rio Algom.-. 33%

Royal Sank., 81%

Royal Trustee A, 13%
Sceptre Res— I 6%

Seagram ! 66%

Shell can Oil 16%

Steel of Can A — ’ 19%

TeokS '

Texaco Canada,
Thomson News A;
Toronto Dom BK
TransCan Pipe...

Trans Mntn.OII A
Utd. Sisco Mlneaj
Walker (H) Res.j
We Btcoet Trans. J
Weston (Geoi_.

BB^IUM (continued)

May 6

Pttaa

Fta.

+ »

Petroflna —

Roy ale Beige.,-.
80 c. Gen. Bang.J
Soc Sen Beige,. 1

Sonna. - I

Solvay — — I

Tracton Elect — ;

UCB !

VleilleMont J

4.61& —6

^ 75 ”

1.300 +24
5,7001 —60
1,020 -15
?,650! -51
1,880 —50
2.050'

DENMARK

May s

Prise

S

Andetabanfcen— 11^2
Baltics Skand 362.0
CopHandelabank 188

D, Sukkerfab 336

DanskeBank 188.61

East Asiatic. 100.0)

Forende Berygg. 605
Forenede Damp. 409

GNT Hldg 875

Jyake Bank^._J 175

NordKabel Z] ijM

Novo Ind.— .'1,751

Papirfabrikker ^
Privatbanken,,.i 1*6
Provlnsbanken_| 113.4|

Smldth (FI) 217

S. Be rend son 805

Superfos 93.41

+ or

—ZA

Zjoa

-He

-1A

-3

+to

FRANCE

May 6

AUSTRIA

MayS

Creditanstalt

Landerbank. —

Perlmeoser

Scmperit _j

Steyr Daimler
Veitscher Mag ...I

SELSIUM/U/XEMBOURG

May a

Price

Fr*.

ARBED

Banc int A Uot_

Bekaert B

Clment GBR |

CoekenU ,-J

SEES

Electro be I

Fabrlque Nat

G.B. Inno

GEL iBruxU -..-J

Gevsart

Hoboken J

intercom 1

Karetetbartk l

Pdn Hldgc I

1,378^
4,050
1.9 Ira
1,560
IBS
1^40
4,1 3G
2,655
2,47d
1,322
1^15
3,3251
l,44Qi
4,300:
5,940

+ W

-20

+6

-6

—40

-BO

+56

-30

—2

-55"

-10

-180

Empnnrt 197J 1,B70
Emprunt72lS7fi„ 6,485

CNEfiS...-^ 8,977

AlrUqUlde. 490

Aquitaine,.,- — 143.6

AuPrirrtemps 1753

8 1C

Price

Frs.

840

744

%4S5

586

172

+ or

Bouygues ^..

ESN Gervars

Carrefour, J

Club Med I tec —

CFAO

CSFf ThomsonJ—

Cle Bancairo — 810
CieGenEaux — 341

Coflmog 117

Creusot Loire,- 93

CFP 135.8!

DNEL 1 44.5|

Dumez 1.041.

Gen.-Occidental.! 372^1

I metal — ,! 70. Si

Lafarge,— •' 270

L'OreaJ ..... j 9B5

Leg rand I 1.6801

Machines Bull — ) 8B.5|

Matra < 1. 22B I

Mlebelin B 836 i

Moet-H an nosey,! 736 .

Moulinex — —I 60^1

Pernod Rlcard.J 381j2j

Perrier— — 1 175.5

Peugeot-S.A 182. W

Pocwln — , — 143^

Radloteoh — 1 336.®

Redouts j 1,0351

ICousBel-Uoiaf,— 1291 A9\
Skis Roeslgnol. .J 660
Telemedi Elect. I 803
Valeo 1837.®

+ 8

+ 2.6
+2L8
+84
—I
+ 16

—7'"

+7

+2

+ 1.B
+ 7^
-0.9
+ 1.1
+4.3
+ 0.8
-10
+2.9
+ 1
-5
+20
+30
-0.1
+5
+9
+ 16
+0.1
+4.2
+2.4
+0.5
-0^
+4.5
+52

+28'

+8

+0.6

HOLLAND

May 6

ACF Holding

Ahold

AKZO

ABN

AMEV

AMRO,-

Bredero Cert —
Boskalls Western
Buhrmann-Tet —

Cafand Hfdgs

Elsevier MDU

Ennla —

Euro Comm Tst,
Gist Brocades—
Helneken — —

Hoog ovens

Hunter DouglaaJ
Int Muller, — —
KLM

Naarde's

Nat Ned eert...
Ned Cred Bank
Ned Mid Sank — |

Ned Lloyd

OceGrlnten J

Ommeran (Vann
Pa k hoed,

Phillips —

RUn-Sohelde —
Robeco — -
Rodameo—.— . — j

Rollnco

Rorento — — J

Royal Dutch—.—]
8 laven burg's. —
Tokyo Pac Hg .— |
Uni I ever ^
VlkSnft Res — . — 1

Vmf Stork 1

VNU

Wert Utr Bank-

foe + or

80

29.a

892.6
88
55

302J ,
50.6!

46.8]
33.6i

151.5

128.5
75.71
74.1
BB.S

18.9
7.9

80.9

103.7

24.8]
117J3

34.6

136.5
126
HI ,

25.7
45.4!

ITALY

GBtMAMY

May8

AEG-TaJsf.

Allianz Vers.

BASF..,- —

BAYER

Bayer- Hypo —

Bayer-Veroin |

BHF-Bank. ;

BMW._

Brown Boverl

Commerzbank —
Gorrti Gumml —
Daimler Bens— ..

Degussa

Demag

D’sche Babcock,
Deutsche Bank—

DU sehult

Dresdner Bank...

GHH

Hapag Uoyd

Haechst,

Hoesch

Hottmann (P) ^

Horton i

Kali und Salz— i

Karstadt

Xaufhof

KHD. —
|doackner_— .

Krupp—— .

Unde . ..

Lufthan3a_— .

MAN,

Mannasmann .
Mercedes Htg
Metal igeeselL, — !
Musnch Ruck..

Pteussag

Rhein West Eleeti

Rosenthal

Sphering —

SI amen

Thysssn. I

Varta -1

Veba .. _ ...|

Vsrein-Wert. 1

Volkswagen.—

+ «

193.51
264.9
176 •
165.5-
186.5!
67.5j

-OA

May 6

Asrtcur Gen,— —
Banca Com'le ._.
Baatogl Fin — —

Centrals

Crhdito Vareslno:

Flat

Finalder

Invest.... —|

italcementl,— ,

ttalsider.

Montedison

Olivetti

Perelll Co

PereHI Spa

Sole Viscosa —

Toro Assic.

do. Pref

Price I
Ure 1

+ or

126,700

BL500

161.0

4,580

7,600

1,706

£5.0

2,578

34,560

1209

120.25

2650

8,470

1,362

645

15,199

12^00

-2J60

-700

-4

—100

—328

—17

—83
— 650

-2.7B

—39

—30

— 23

—20

—501

-435

AUSTRALIA

Price 1 -for
Mays . (Aust.3 j —

—0.05

NORWAY

Mays

• 1 Price i + or
'Kroner) — -

Bergen* Boks.,-1 110.5!

Borregaard ,— — 1 121. . +1

Creditbank-

Eikam —
Kosmos —

Norsk Hydro

Storebrand -

-1^
+ 1

136
51
325
309 | +19
222.51

SWEDEN

May. 6

AGA -■

Alfa-Laval—
ASEA

Astra —

Atlas CopOO. —

Bollden

Cellulosa

Electrolux B—

Ericsson—

Esselta(Frea)— — j

Fagersta J

Fertia (Free) ^

Mo oeh Dom

Saab-Skanla 1

Sandvik (Free).

Skand la, —

Skan EnskNda

SKF 8. n ._

St Kopparberg.J
Sven Handelsbh.
Swedish Match-!
Volvo (Free).—

Prioe

Kroner! —

193

811

163

374

107
208
224 ,
93.6
202
lag

129

131

116

125

195

440

206

127

278

100

106

243

+ or

+1
+ 1
+ 1
+5

+ 1
— 2.0
+3
-2

— 1

+4

+2
-1
— 1

+4

SWITZERLAND

May 5

Alusutsse

Brown Boverl
Ciba-Gelgy
do (Part Cartel-
Credit Sul:

Elektrowatt |

Fischer (Geo)-.
Koff-RoehaPtCtsl

Hoff- Roohe lllOf 5,826(

Interfood - — |

Jaimolt

Landis ft Gyr.

Nestle-

Oer-BuLrile-.

Rrelll -

San doe (B) - .. ,

Sandoz iPtCts)- I ^1

Schindler (PtCts)

Swisoarl — . 686 — 2-

Swiss Bank. 292 .-1

Swiss Relnsce.— — 50

Swiss Votksbk,... . 8501
Union Bank,. — 8,8701
Winterthur 2,250 !

■ | + or
Price [ —

510i

1,0201

l|28Sl

1,050

1,690

2,300

450

59,000.

—10

+45

-30

+25

-10

+500

—26

-150

—10

-10

—5

ANZ Group

Acrow Aust . ,,i

Ampoi Pet .;

Assoc. Pulp Pap

Audkmoo

Aurt.Cona. Ind, —
Auat. Guarant
Aust. Nat. Inds...
Aust. Paper —
Bank NSW —

Blue Metal

Bond Hldgs—

Baral

Bl'vllle Copper^.!
Brambles Inds—
Bridge Oh .Zl

p

Brunswick Oil —l

CRA I

CSR —

Carlton ft Utd —
CastldhtainelYe
Cluff Oil (Aurt) ...
Do. Opts ........

Cockburn Camt

Coles (GJ.1— 1

Gomalco

Certain

Crusader OU I

Dunlop .J

Elder-Smith G.M.
Endeavour Res-..
Gen. Pro. Trust...
Hartogen Energy!

Hooker

ICt Aust. !

Jennings —
Jimb lonalSOcFPj
Jones (DV. ........

Kia Ora Gold —

Leonard Oil L.l

MIM

MeeKatharra Ms.:

Meridian OiL !

Monarch Pet~..'J

Myer Emp..... I

Nat Bank.» „)

News. 1

Nicholas Kiwi....

North Bkn Htll. !

Oakbridge

Otter Expel. 1

Pancon

Pan Pacific .„.[

Pioneer Co.; \

Queen Marg't G.
Reckltt ft Coin „

Santos

Slelgn (HC)

Southland Nl'n’g.
Spargos Expel,..
Thos. Natwide...

Tooth ,

UMAL Cons

Valient Consdt.-

Waltons :.

Western Mining.
Woods/de Petrol!

Woolworths

Wormald Jntt

4J20

1.69
1^5
1.50
0.06
1.60
2.35
2.65
1.90
2.73
1.45
1.08
2.60
1^2
2.18
5JJO

7.64
0.20
2^0
5.2a
SL25

3.72
0.53
0.36

1.34

2.12

1.73
1.80

4.20
0.95
3.ao
(L25
1.60

2.70
1.00
1.60

1.20
0.20

1.52
Otll
0:16
3.20
2^5

0.19

0.09

.1.38

2.65
2.05

1.35
1.95
1JS6
0.50
1.55
0.12
1.33
0.09
1.30
4.85
0.78
0.52
0.20
1.30
2£5

1.70
0.12
0.60
3.78
0.S1
1.63

2.52

+0.DS

+ 0.05
—0.05
—OJA

^bj»

— OJJ2

^oii

—OJA

— 0.1B

— 0J2
— 0,07
+0.03
+OJJ7

- 0.01

-O^fl
— oje
-0.08

^o'.iiz

— 0.02

-oms

— OJB

+OJI5
— OJIB
— 0.06

=3.03

+0.03

-o.m.i
— o.oa
— O.D!
—0.05
-0.10
— O.D2

JAPAN (continued)

HONG KONG

May'5

Cheung Kong....
Cosmo Prop...._j

Cross Harbour 1

Hang Song Bank.!

HK Electric ?,

HK Kowloon. Blu.

HK Land

Hk Shanghl Kt.
HK Telephone....
Hutchison Wpa..
Jardine Matn n ...
New World Dev,
O'Bsas Trust 8k.

SHK Props

Swire Pac A

Wheel 'k Ward Aj
W heoF KMarltl'fil
World Int. Hldgs.]

-0.3
— 0JJ5

JAPAN

May 4

Ajinomoto....—

A made

Asahi Glass.—
Bridgestone...,

Canon —

Citizen. I.,

Dalai-

OKBO

Dal Nippon Ptg
Dalwa House._
Deiwa Seiko—.

Ebara—

Eisal ..

Fuji Bank.,

Fuji Film.

Fujisawa .... .....
Fujitsu Fanue.,

Green Cross

Hasegawa :.

HeiwaRlEast....

Hitachi .

Hitaohi KoW

Honda

Hou&afood.—

Hoya —

Itch (O — —

I to- Ham

Ito-Yokado .......

JACOB

JAI

Juseo — .........

Kajima —

Kao Soap

Kashlyoma
Klkkoman— _

Wrio —

Kokuyo.. .....

Komatsu

Komatsu Fltt
Konlshrolku

Price

Yen

j+_°r

851

550

582

446

.790

274

61G>

484

683

403

386

395

521

500

1.470

1,220

5,120

-3
-14
+2
+3
+29
—1
+4
.+1
+ 17
-2.
-a
+2
+41

-10
+ 30
+20.
.-,>21040 ' +40.
547 j -& '
562 -2

630 | •

493

756

1,030_

727

285

405

825

470.

(2,340

^588

367

510

810

394

43S-] ^2
820
478
415
593

+ 5
+10
-13
+ 1

—fir

+5 *

+10

—1
— 2~
+ 15

Prioe

+ or

May 4

Yen

—

552

Kumgsal

459

-1

Kyoto Ceramic-

3.200

+ 20

3B3

+ 2

676

+ 1

Maklta

755

—20

286

—3

610

-4

876

—1C

Matsushita.....^..

1,090

-10

M'ta Elec Works.

538

+4

M'biohi Bank

BOO

+6“"

M'biahl Corp..__

536

M'bishl Elect .. M

272

-1

M’btehi RI East..

466

MHI w—

21B

+2

Mitsui Co L-i

511

—4

Mitsui R) Ert.

648

—8

Mitsu-koshl

571

+ 1

NGK insulators—

505

+ 5

Nippon Oenso^,.

1,070

+ 30

Nippon Gaicki

586

-5

Nippon Moat —

393

—2

Nippon

946

+ 12

Nippon Shin pan _

BOO

+ 10

Nippon Steel,

166

+2

Nippon Sutscui.„

223

+ 7

MTV,.*

4,490

+20

Nissan Motor

820

—9

Nlsshin Flour

52?

-IS

161

+ 1

Nbrmura™

NYK.-.-.—,

464

869

871

1.320

+8

+ 2
+30

1^500

70S

-10

Renown „

+5

RlCOh _

539

439

+11

—3

Sapporo

Seklsul Prefab

26?

"712

— 4 ~

73fr

—6

Shisiado

850

— B

Stanley :

360

—6

S’tomo Marine

230

+4

Taihel Dongyo._
Talsel Corp

636

270

-5

Taisho Pharm

571

— a

Takeda.„

845

3,560

+7

—80

Teijin

239

—3

Teikoku Ofl...; —

986

+ 10

TBS

455

—l

T 0 W 0 Marine —

460

Tokyo Elect. Pwr.

886

+ 6

112

•

Tokyo Sanyo ...»

446

+4

Tokyu Corp

203

—a

346

TOTO

420

Toyo Seikan

Toyota Motor

469

1,010

—10
— 10

Victor ...

2,430

720

792

668

—50

Yamaha

Yamazald

+2

+2

YasudaF>re

236

Yokogawa Bdge.

550

SINGAPORE

.

May 5

Price

. •

3

Boustoad Bhd —

2.19

+0.91

Cold Storage

3.84

—0.92

CBS-

Fraser ft Neave„

B.35

6.B0

+O.QS

+a»

HawPar.^....

2.99

m ._

Inched pe Bhd.

2.10

+0.W

Malay Banking., J

6.20

— 0J6

Malay Brew., w ._

5.30

m

OCEC

12.3.

Straits Trg

0.60

— (Ml
-0.06

UEO-™

4.36

SOUTH AFRICA

May 5

Anglo Am — 1TJS

Angle Am Gold,.,
Amglo Am Prop J
Bertow Rand —

Buffeto

CNA Invest

Currie Finance J

Prioe

Rand

3.10

7.06

75.0
2.70.
8J 1^
33.76
6.10
2-,45|

*«■

-03

DeBoers. ^...r Bjjst — aif

Drlefonteki ___ J 93,6 |

FSGOdUid 26,78) -1^5

Gold Fields SA -

Htghvold Steel. u
Huletts

Kloof

Ned bank

OK Bazaars.

Protca Hldgs

Rgmbrarrt^^.. ^

Rennies

Rust Plat. „.|

Sage Hldg...:

SA Brews

TigerOata.

Unisec .J

62 +061
4,70l +0JB
Ml

BfiJBi

-6 ( -G.W

17.301 +0J®
2,601- -OM

ajBol +a»
. 4joa\ —OJB
4.10 +0J6

2.6

4.53 r -0 »
18.75i —025
3A» +0JU

Financial Band US$0.77*
(Discount of 18JS6)

BRAZIL

May 0

Aasita.. .

Banco BrasH >u ;_4
Belgo Min —
LcgaaAmor..™
Patrobras PP„
Souza Crt

UnipPE—

Vale RIoDoee^...

Prioe

Cruz

1.68

12. 60

+ «

-OM

-O.M

4.60 +0.15
6,90

9.60
9.45

14.50
14.7«

+£»

+1- F ' ‘ Torn
-5 j -V«
— 1 I Source:

Turnover; Cr. 2.115.6™
Volume: 38S. Iro. . .

Ho de JeMim SEi.

NOTES— Prices on thh*' page bto 8s quoted on ft*
individual exchanges arid ' are last traded . pihn,- yPealfaKta
suspended, xd Ex- dividend, xs Ex scrip (ulus.. xrOx ^3™.

xi Ex all.- - '• •' • '■••. - : V. .

6

-Times Thursday May - 6 1982

Copniaales and Markets LONDON STOCK EXCHANGE

uJ/-

recent issues

■ i . :

-

"m

5f5^

’§

? ^rrc; p

\

: h<= ^la

S-fc*

.-1 Tu ^an 1

u *^r Jr- ■ 1

• *6v sn ?;^
30 <1*1

^s>

,: r ; T -iih?;

ii|:

At*,

A r ‘ 5 !•■«).

*■*"» «l«Sr

** I * Ig

-j*

s • 5.%

«:■ r;

i,;:

Upward trend in markets reversed as tension mounts
over FaMands— Share index falls 8.8 to 575.4

EQUITIES

Account Dealing Dates
' Option

•First Dectiura- Last Account
Dealings (Ions Dealings • Day -
Mar 29 Apr 15 Apr 16 Apr 26
Apr 19 Apr 28 Apr 29 May 10
Apr 30 May 13 May U May 24

* " Naw -tima '* doslmgj idgy tafc*
(Maw.iiom 9.30 am two business days
earlier.

The first British military set*
back In ." the- confrontation with
Argentina over the . Falkland
Islands. gave a sharp jolt to con-
fidence 'In London stock markets
yesterday. In a marked reversal
of sentiment, share prices sus-
tained widespread losses and
British Funds ■ recorded falls
ranging la . J.

fbe increased tension was
quickly- reflected in leading in-
dustrials which were marked
down sharply at the opening in
the face of some fairly heavy
selling.' A' largely 'technical rally
brought quotations - off the
lowest, but the recovery move-
ment gradually lost impetus with
the tone deteriorating against a
backdrop of various adverse
rumours. concerning the crisis.

Mirroring the prevailing ner-
vousness, the FT 30-share index,
down i4.i at the first calcula-
tion, rallied to show a loss of
S points an hour later before
easing afresh to record a - tall
of 10 ipoints at 3 pm: the close
was 575.4. which represented a
los of 8.s after Tuesday's rise
of 9.1.

Overall, the trend was to lower
levels, rises and falls in FT-
quoted industrial slocks revers-

ing the previous day's pattern
with the former yesterday in a
near 7-to-2 minority. Unsettled
General - Accident’s first-
quarter loss, Composite Insur-
ance shares turned dull, while
Engineerings, Stores an -dOils,
also dosed with above average
loses. The FT-Actuarics' three
main indiees gave up about 1.2
per cent with the All-share at
338.52.

'Gilt-edged securities. ' also
passed a tense trading session.
Reflecting the Falkland^ develop'
meats, longer dated stock opened
around * lower and rallied to
near overnight dosing levels. be-
fore casing afresh to close with
falls ranging to r. Losses in the
shorts extended j and the Gov-
ernment securities index gave up
0.31 to 67.67.

Gen. Accident fall _

The shock disclosure of a
first-quarter deficit of VI. 1m be-
cause of escalating underwriting
losses depressed General Acci-
dent which fell to 2Sf»p before
closing 8 down at 290p. Other
Composite . Insurances were
marked down in sympathy hut
ended above the day’s lowest m
places. Eagle Star lost S aJ 354p
and Sun Alliance cheapened 4 to
SGSp, after S02p. Phoenix also
relinquished 4. to 23Sp and Com-
mercial Union closed a few pence
off at 128p. after 124p. Royals
picked up from 322p to finish
only a peny easier on balance at
32p.

Escalating military action in

FINANCIAL TIMES STOCK INDICES

May i May : April April April : Ap>it j year
S < 4 30 : 29 ; 28 1 37 < nap

Government Seea....’ 67.671 67.93,
Fixed interact ea^aj 68,50:

Industrial Ord j 578.4,’ 6S4 JZ\

Gold Mines...- J 236.3 239.9 1

Ord- Div. -Yield 1 5.64 6.42 j

Earning a,- Yld.3, if uiiij 11.5*! 11.36!
P/E Ratio (net) 10.87) 11.02 1

Total bargains ! 16,0491 16,638- :

1 Equity turnover £m.‘ — j 129.22 [ :
Equity ^bargains. „..J — 1 13,190'-;

67.72 66.79
67.95' 69.91
570.2: 570.fi
255.2: 351.7.
5.60 6.77

10 J»: H.36
11.51; 11.02
16,928: 23,760
j 133.67il48.529
1 13,389i 17,645

10 am 570.1. 11 am 576 2. Noon 676 2. 1 pm 515.S.

2 pm 574 5. 3 pm 5*4.2.

S3i*i .100 Govt. Seoa. (6/10/29. F.jtad liu. 1928. Industrial Ord.
1/7/35. . Gold M.nu 1Z/9/56. SE Activity ISM.

Latest Index 01-246 8026.

• " -N.I-10.12.

HIGHS AND LOWS S.E. ACTIVITY

.1 . 1982 Since Complfatn 1 . . !

• ; High J Low High Low ! _!.

■ ■ ~ T . !— Daily

Govt SecB.... 69.65 \ 61.89 ' 127.4 ! 49.IB !

' 7 tan } IS/H ;. i9/iiS5. , l8j U75) ■Jggg'* ",

Fixed Int... 69.74 j 62.79 | 150.4 60.55 Bargains...:

iS.4» i |7:ti ,[tt/1IH7| iS:U75|. Value ......

Ind. Ord i 584.2 j 518.1 597.3 ' 49.4

. 144i |. .ftt» 130.4,81. I76.V.-M* ;.

Gold Mines. 302.0 <-209.2 ‘ 558.3. 43:5 Equitos

iVT. : |9;3/ 0W.7.-M) ITS 10-71 1 Bargains ..

1 : Value

May | Ajgll .

152.2! 133.1

85. 5i 89.3
26 1.2 289.6

140. 7[ 140.S

89.1: 87 .3

235.8' 275.3

the South Atlantic prompted a
fresh fall of S to 395 p in Lloyds
on revived fears that the bank’s
substantial Argentinian assets
might be frozen. Other major
. ciearers were also dull with Nat-
West particularly, vulnerable at
403p, down 12. Elsewhere, Smith
SI Aubyn Ion 3 in 34 p following
poor preliminary figures. Grind-
lays. at 202p. lost 6 of the pre-
vious day’s speculative spurt of
13 but Standard Chartered
firmed 10 to 635-p; the latter
shortly go es-the SO per cent
scrip-issue.

Marked defensively lower at
the outset, leading Buildings
steadied to close with modest
losses on balance. Blue Circle
finishing 3 cheaper at 4S2p, after
47Sp. Among the companies re-
porting, P. C. Henderson touched
184p before closing a net S up
at ISOp folio wins the annual re-
sults, but John Mowlem, a good
market on Tuesday, relinquished

4 to SOBp, the increased prelimin-
ary profits discounted. The
higher profits and dividend
helped Aberdeen Construction to
add 2 to a 1982 peak of 226p.

After opening lower at 31Sp,
IC1 rallied to 324p before drift-
ing off again to close 6- down on
balance at 320p. Rentokil put on

5 for a two-day gain of 10 to
162p in response to- the chair-
man’s confident statement at the
annual meeting.

Thorn EMI dull

Marked sharply lower at the
outlet of trading, leading Stores
attracted sporadic investment
support during the afternoon and
generally finished well bavoe the
day's lowest Gussies A closed 5
off at 4S3p, after 480p, while falls
of 4 were seen in Marks and
Spencer. 15Sp. • British Home,
157p. and House of Fraser, lSQp.
Woolworlhs. down to 45 ip
earlier,, rallied to 472p before
reverting to the overnight 47p
following vague talk of a bid
from the U.S. parent. Secondary
counter s- had liflle io commend
them. Milletls Leisure provided
a Tare upward movement with a
gain o-f 5 at lOOp in response to
increased full-year profits.

The popular Electrical majors
closed with falls ranging to 13

after an early mark-down was
followed by sporadic nervous
selling. Thorn EMI fell that
much to 420 p, while losses of
around 7 were seen in GEC,
R58p, Flessey. 395p, and Bacal,
39fip. Elsewhere, recent specula-
tive favourite Kode International
ease d 30 to 300p. alter 295p uad
Telephone Rentals dipped 7 to
313p. Cable and Wireless lost 5
to 247p. while profit-taking in
the wake of the second-half pro-
fits upsurge left Sound Diffusion
5 cheaper at 103p. Against the
trend, Coiled Scientific advanced
10 in 340p on the Egyptian optics
contract.

GKN, lfrtp, and Tubes, ISOp,
lost 6 apiece among the dull
Engineering leaders. Hawker
gave up 4 lo 330.p and John
Brown 3 to 55 t.p, after 53p.
Secondary issues displayed an
irregular appearance. Molins
closed S down at 140p fallowing
the chairman’s profits warning
at the AGM. while Ductile Steels,
at 14Sp, lust 5 of the previous
day's jump of 39 which followed
the agreed bid from Glynwed.
HadPD fell 10 to 190p and ML 4
to 2S0p. Aurora softened a
couple of pence to ISp, but Mat-
thew Hall rallied from an initial
dull I evel of 186p to 194p, an
improvement of a penny on the
day. in response to the satisfac-
tory preliminary results.

J. Sainsbury, a strong market
recently, touched 655p on the ex-
cellent preliminary results and
100 per cent scrip issue proposal
before drifting off to dose 5
cheaper on balance at 645p. Other
leading Foods met little selling.
Cadbury Schweppes losing 2 to
102 n and United Biscuits 3 to
112p. Nervous offerings in front
of today’s interim results dipped
30 from British Sugar to 490p.

Channel Tunnel stood out in
miscellaneous industrials with a
rise of 40 to 170.p in response to
a Press report predicting that
the “ chunnel link ” project will
get the official go-ahead In two
weeks tine. Sothebys revived
with a gain of 10 lo 333p but
selling ahead of the results
scheduled for early next month
left De La Rue down 20 at 545p.
Foseco Kinsep dipped 10 to 205p
•fallowing - further consideration
of ihe results. British Aerospace
relinquished 5 at 200p and AGB

Research lost 10 at 270p, while
Thomas Tilling came on offer at
I39p. down 4, and Johnson
tihtthey gave up 5 at 262 p.

Trident TV sited 7 to 7Sp await-
ing the casino licence decision,
now expected next Monday.
Elsewhere in the Leisure sector,
Riley Leisure added 2$ to 105p
on the acquisition of the Lucania
chain of snooker chibs for £3.1 m.

Among Motor Distributors, T.
Cowle added 2 to 32 ip following
the return to profits at the in-
terim stage, but H. Yonng eased
that much to 25p on the proposed
£0.19m rights issue.

Newspapers finished with wide-
spread falls on moderate selling.
Associated, 19ap, and Dally Mall
A, 416p r eased S apiece, while
Pearson Longman shed 3 to 335p.
Elsewhere, Associated Paper con-
tinued to attract support and
firmed 2 more to a 19S2 high of
71 p; the interim results are due
next Tuesday.

A partial rally from depressed
opening levels petered out in
Properties and quotations dosed
at, or near to, the day’s lowest.
Land Sec urities shed 5 to 2S6p
and MEPC 3 to 192p. Hammers on
A remained on offer and gave up
10 more to 545p; the new nil-paid
shares lost 5 to 50p premium.
The announcement that the com-
pany, through Its Australian
subsidiaries, will receive A$8.1m
in final settlement for the sale
of i-ts Australian assets to Crown
Agents made no apparent impact
on Capital and Conn ties, which
shed 3 to 125p. Brlxton Estates,
a penny cheaper awaiting the
preliminary results, steadied on
the announcement and closed
unchanged on balance at 104p.
London Provincial Shop Centres
closed 3 cheaper at 442p

Oils nervous

Leading Oils met scrappy sell-
ing, British Petroleum losing 8
to 3t0p and Shell 4 to 40Sp. The
chairman’s statement at the
annua! meeting made no
apparent impact on Lasmo which
remained 8 down at 34p. The
Humbly Grove participants
encountered further profit-taking.
Carless Capet losing 8 to 178p,
Candeeea 6 to 204p and Marines
12 to 103p.

P & O Deferred attained a
1982 peak of 145p before settling
for a net gain of 3 to 143p follow-
ing preliminary profits some £6m
in excess of market expectations.
Other Shippings remained rela-
tively static although Ocean
Transport were noteworthy at
119p, up 3.

A cautious Press reception to
the preliminary results prompted
further profit-taking in Tootal,
which eased 3* to 37tp.

Tobaccos were briskly traded.
Bats succumbed to renewed sell-
ing reflecting its sizeable in-
terests in the Argentine ond gave
up 10 to 450p, while Imperial
fthed a couple of pence to 96p.
Rothmans International, on the
other hand, advanced 5» to 9Sp
amid revived rumours of a bid
from Philip Morris of the U.S.

Golds down again

South African industrials were
irregular. Tiger Oats added 25 id
800p following the results, but
Greatermans A remained under

pressure and fell 50 for a two-day
loss of 110 at 270p.

Mining markets continued to
retreat in the face of renewed
weakness in the bullion price,
which gave up S6 more to S336.5
an ounce— the first time it has
closed below the $340 level since
the Argentine invasion of the
Falkland Islands.

The sbaremarket followed the
pattern of recent days with an
initial steday opening being fol-
lowed by persistent small selling
and switching from the cheaper-
priced marginal issues into the
high quality stocks.

The Gold Mines index fell 3.6
more to 236-3, its fifth decline in
the last six trading sessions.

Losses in the heavy*, 1 veights
were usually small, hut medium
and lower-priced stocks showed
Stilfonteln 20 down at 665p,
Libanon 27 off at. 707p and
Harmony 23 cheaper ala 19S2
low of 499p.

London Financials went easier
reflecting the recent trend in the
bullion price coupled with selling
prompted by the weakness in UK
equities. Rio Tinto-Zinc fell 9 to
44tp. .

Australians were mixed in sub-
dued trading. Seltrust “ A **
dropped 7 to 47 p and the “Z"
shares 4 to 7Sp oo news that the
hoard is considering a proposal
to modify the share structure of
the company and that a decision
will be made in the next few
days.

Cultus Pacific dipped 1$ to
15ip, Metramar 2 to 16p and
York Resources a penny to ISp,
still reflecting disappointment
with the Pisces 1 well which
failed to encounter hydrocarbons.

Tins improved with gains of
5 common to Malaysia Mining ,
76p, and Scrjuntai, lS3p.

Deals arranged yesterday in
Traded Ontions amounted in
1,588, a sizeable increase on the
previous day’s activity. Calls
totalled 1,131 of which P ft 0
Deferred accounted for 297 fol-
lowing riie preliminary results.
Imperial recorded 392 calls, with
the August 90’s and 100’s attract-
ing 152 and 162 deals respec-
tively. and 102 puts, 100 taken
out in the August 90’s. Bacal
continued to attract a two-way
business, recording 117 calls and
45 puts.

OPTIONS

First Last Last For

Deal- Deal- Declara- Settle-

ings mgs tion meat

April 26 Slay 7 July 29 Aug 9
May 10 May 21 Aug 12 Aug 23
May 24 June 11 Sept 2 Sept 13
For rate indications see end oj

Share Information Service

Stocks favoured for the call
included J. Hepworth, Premier
OiL Courtaulds. Nimslo, 1CL>
Trident TV A, RHM, Johnson
and Firth Brown, First National
Finance, Stanelco. Bank Organi-
sation, Brent Walker, Inter-
national Petroleum, Chamber-
lain Phipps and Woodside. A (
put was taken out in Sears,
while doubles were completed
in Nimslo, Premier Oil, Turner
and NewalL Burmah OIL
Charterhall and Marks and
Spencer.

:Ce4aOl i

-High Low'

.F.P.14/8
■F.P.;i5,4
|F.P, : 21:5
1F.P. 4:6
F.F.'£8/5
=F.P.i -
:F.P..28|5

'KP.'-ltft

;F.P.' —
F.P. 7.'5
F.P., -
'P.P.I —
;f.P..13(5
F.P. —

| High i low;

";i59 140 ~|

29 I 19
1 109 jlOS
;325 293

. 62 I 60 !

155 1122 ;
:.146 '140 I
! 16 ! 10
,250 1345
1275 '267 J.
[134 120 <
S 30 30

. 42X 2 I 39 I'
!I41 1 135
j 90; 70 L

AIM Group lOp ...,159
Carnbriwi & Gen.7*pi 29
4>Cass Group 10p,...'l07
lijCont. Microwave... ;325
!4-DoBrot«Andra} 10pi 60

;DeW IGeorgej^ 127

'iDruck Hidgs. :«6

jflGr'p InvOption Crts 1 16

{•to Technology .248

■JOcbMhS Drilling. „.|265
Leisure Inds. 120

lOaprey Assets. ,.l 50

Ip. N. Industrials [ 42:

'Standard Secs. u |X56

IZamblaConsGprIOK; 70

! If gsL-sui

_! ' 1 j

: lbdB.76 L0| 5 J]14^ rti

! - — — i — I ■— ’^3

j 65J5l3^2.3»12.1rt>

I-t |b2.5 ; 2.1! 5,B<11,5ri.

r ;aS.7 4.o, 6.4.

: |b2.3 ! £.5, 2.o'23 J v i

• .....J — : — < — j 1.

1617.5; 2.3j 9j4i-6.3a :

.—2 165.0 2.8 6.9; 8.4s:J

■ |F1.4 — ! 6.7i ;

i r i 63.5 ' 6.7='-

I .62.8 j 1J2I Zj9i4Un<->.

! ! - I - I - I -Ci'*

^ • !• J.

FIXED INTEREST STOCKS

iuua - § s
price < os
A : =3
i <a

too :£5T

C100 ‘£10
499.tS3£25
*100 ‘£10 1
4*- ;f.p. I

-5100 F.P. 1
flOO I F.P. ,

iioo F.P. !

II 107 'F.P.

\+ l ix7A

i High ! Low j j " I ■ •’f.

’jll6 110 IsoddingtonsBrew 9 J 2S cnv. Ln.2WD.B3 iiio j

lOial Ida. Bristol Water 9% Pref. I 10*81 w 1

1 25 1 2Hi Gred. Foncier de France 142% Loti.2B97 23'a; — —

I Ills- 1 Us I East Anglia Water 3% Red. Pif. 1987 ~ :

.136 1136 'First Nat. 12^pc Conv. Uns. Ln. 1987.. |136
ilOOSel 9 9 Se Nation wide Bdg. Soc- 1414 % i!4i3;B3). 10DA +A .-r,*.
'lOOla' 99 S;, OO. (4/4, «3U - ,100^ +*

jiDaseiioOrv; do. i4i»s i25rt;83i Junk —-z

!lll 109J=;Queen» Moat 10*£Cnv.8B-91 il09is

■ ■ ■ — ■ ■■ ■■ ■■■

"RIGHTS” OFFERS

Latest

luue j .a-

Ranuno.

! 1982

D i <a i

• ■»

; High j Low |

10 1 F,P.f27f4 28/5 ; 1S5 A[ 13 .Ansbacfter fff.) 5p — Il*> _4fV

170 • Nil 13/5 34)8 2Dpm, ISpm'iBank Leu ml (UK) £1 „| 15pmj- 6 £ f

125 F.PJ21/4 28:5 : 152 I 135 iBaazer (C. H.) lOp. 1 154 |

AS1 < Nil 24;S 7/6 jlfileami 3»eom,Bond Corp - 5i9pmj— 1

30 : F.P. 29/3 10.5 1 60 ! 50 First Castle lOp. 64 -2 1

20 ! F.P.I30/4 28/5 ! 86 I 42 IFIsher (A.I - 1 43 U-T-*V

3 ; Nil |10/5 21>6 ! 1pm 1 ^pmiGrovebell (5p).. ! -lapml

500 - Nil '20/5 1&6 ; 90pm' 80pm Hammermon Prop 85pm|

500 i MU i — — | 75pml 50pm Do. A 50pm.— 6

120 F.P.i 7/5 4:6 1 155 1 144 Ulley iFJ.C.l 155 — .'..t

145 ! Nil ;12/5 7:6 ■ C2pm! 31pm!Low (Wm.l 20p 33pm +1 .y-i

18 i Nil 121/5 4/6 14pm' 4pmiNorth Kolguri 6pm ——

6 | F.P:. 19/4 21.-5 I 8 ■ 6i s |piatignum 5p 7is -..-TJJ

£7 | F.P. 29/4 27/5 ! 281-1 26 is .Queens Moat... 1 28 +Ut

98 F.P. 16/4 4/6 105 ; 99 Ihiley Leisure 1D5 ®

170 Nil 14i5 12/6 52pmi 45pmiStee| Bros - 50pm —

10 1 F.P.24/3 23)4 1 lSlij lOiz'Sturia lOp ! ID’S — ..t

133 | Nil ;10/5 10/6 1 22pm1 13pmjV1ckers (£1) I 22pm: —

“ 111

r 'Jj".

Renunciaticn date usually last day lor dealing tree of stamp duty. 6 Figures^
besed on prospectus estimate, d Dividend rate paid or payable on part QT^f'
capital: cover based on dividend on full capital, g Asaumad dividend and yieldi 1 ^
r indicated dividend: cover relates to previous dividend, P/E ratio based on latesV;^ 1
annual earnings, u Forecast dividend: cover based on previous year’s eamings.-ft
F Dividend and yield based on prospectus or other official estimates lor
Q Gross. T Figures assumed. 0 Figures or report awaltBd. + Cover allows <pr *
conversion of shares not now. ranking for dividend or ranking only for restrlciQd", ^
dividends. S Placing price, p Pence unless otherwise indicated. 4 Issued by i( p'
tender. f| Offered 10 holders of ordinary shares as a “rights.” •* Issued by way pf, e ^
capitalisation. §§ Reintroduced- 47 Issued in connection with reorganisation*
merger or take-over, Introduction. Q Issued to former preference holders. I
■ Allotment leiters (or fully-paid). • Provisional or partly-paid allotment letters.

% With warrants, ft Dealnge under special Buie. Unilateral Securities*'^
Market, ft London Listing. t Effective issue price after scrip. t Formerly if t
dealt In under Rule 163(2) (s). It Unit comprising five ordinary and thrMMjf*
Cep. shares. A Issued free as sn entitlement to Ordinary, holders.

i 135*1
2Dpm.
! 152 I
ilStsgm,

: 86 I

! ipnt'

i SOP"!
1 75pm
1 155 ;

■ 42pm
14pm'
I a •
! 281-:
105 ;
52pm/
1 12ic>
22pm]

13 'Ansbacfter (H.)5p...
ISpm'iBank Leuml (UK) £1
135 jBeazer cC. H.) 10p...

3>tpmiBoncl Corp

50 First Castle lOp.

42 ’Fisher (A.)

^pmiGrovebell (Bp)

SQpm Hammermon Prop...

50pm Do. A

144 Ulley iFJ.C.)

3 lpm! Low iwm.) ZOp

4pmiNorth Kolguri

6i£|Platrgnum 5p

26 is [Queens Moat..

99 ;Ri1ey Leisure

45pmi Steel Brae -

lOVSturia jop

13 pm] Vickers l£l)

|! a

5 tt j -} Zt
I riel

15pmj— B
154 I ...^ f
5irpmj— 1
64 -B 1

ACTIVE STOCKS

Above overage activity wea noted in the following stocks yesterday
Closing Closing

price

Day'e

price

Stock

pence

change

Stock

pence

BAT Industries ...

450

-10

ICf

.... 320

- 5

.... 143

British Aerospace

- 5

Plsssey

.... 395

BP

310

- 8

Rothmana

98

Burton

- 1

Sainsbury (J.) ....

.... 645

General Accident

- 8

Sun Alliance

.... 808

TUESDAY’S ACTIVE STOCKS

Baaed on bargains recorded in S.E. Official List

Tuesday's Tuesday’ 1

No. of closing No. of closing

price price Day’s pricB. price

r •-!!-«
r J-*

Day**? 'a
changtf>'C

+ 3*«i-

_

H-

“ 5,-jg

Dey’lCIfr

GEC

18

865

+ 14

B1CC

11

320

+ 7\

Jnt. Aerospace

16 •

205

+ 15

Banatt Dev. ...

11

291

+ 9’

•imrsn. A ’nay/

13

55pm

-10

Beecham

11

267

+ 7.

Cl

13-

326

+ 8

Lloyds Bank ...

11

403

+ s .

Vickers

13

166

+ 5

Midland Bank .

11

323

+ 8 ‘

JAT Industries

12

460

+10

Trident TV ’’A”

11

85

- 0»a

Candeeea Res...

12

210

- 5

Mks. & Spncr.

10

162

+ 4 ’

■-

7T-;
fm ■ .

FT-ACTUARIES 5HARE INDICES

These Indces we ihe iainft eonpOstbii ®f the Ffaonchl Times, (he lastHnie of Actuaries

and the Factfty of Actuaries

Wed May 5 1982 S

EQUITY GROUPS ■ T lo 29

& SUB-SECTIONS I bl I "s~ I 7

f & T tt 1 T

CAPITAL 80006(208)

Boating M a H ri aff (231

Coot r wc O azC n ee tr KSoeCSl

EkctricafaCSi) ■ - - —

Epg bM r la gCoBtrastprt(9)

Me U aw h al h UiflwW

Metakmt Motel Fomfov (11)

Motsrt(21)

OterlBdBttfWKhterWsOfi)

CMWU DieMFqP)

Brevets end DfeMerc(ZU —

FMdMwteetsrtmOS9~.

Fbod awaiiwalMl - — - - —

HeeHband I iuuv h n l rf Products (8) _

leisure (2 #}~ — — —

Wi» pym.PoMaMifllZ)

Pactcaolngeod Paper (14)

SWWS) — — — — —

Text6»(29> — —

TdwcasCT - —

Other Catsover (15)

tmilUHWSCffD

ChwMhQD

Offfar r i p i h i u n t W -

g iigpi n g and Trewport 03)

ISBSaSmSSFm:

B aala ( &) —

PteaMtHawcCQ.

hwan(LMff)

fcwwl hpW M.

MwduttolaCa-r

Property (49)..

BBierFMmeMPS)-^.

tnetfSMLThB»(U9-

'OwaosTraderal

378.91 -LI
333L7 -6.1
i»J2 —tL7

1MM -L8
4fe» -13
IfUS -LI
3A5J6 -24
AM -LO
375AJ -L4
38SJ0 -L4
36L2S -LI
2 1*M -LS

617.92 — L3
4M.44 —8.9
09.73 -L9

329.93 -U
3MJ0 -LI
2790 -L7
173.65 -LI
336-fli -L7
290 M — OJL
2S3J0 -LO
3330 -LI
31132 -L7
MOJO +03

atm -u

am -L2

2*736 -+5T
26236 -LI
2M6 -M
26U3 -0 A
13239 -L4
090 -OJ
3&50 +05
4*7-93 -13
17137 +03
aCu -oj
msa -lo
pm -QJ

32052 —12

427 TUB JAM

3C2JM 299J9
275J5 Z7U9

mm 6XU0

4042 44551
52753 52577
14562 14554

tfhtjks*. 3 timi

Ura. PMiBMirf, The name* TW ‘»

NEW HIGHS AND
LOWS FOR £982

t.i* friio-vina nvmatlens in the Share
fnlormeilon S'^nrl'p veiierdav KU nod new
HI0lii LoKi hjr 13B2.

NEW HIGHS (30)

AMERICANS 'll

Ford Motor

CANADIANS (1)

Bell Cauoa

_ BEERS (31

Gro^nn King Mars ten Thompson

I'lih Distillers

BUILDINGS |7»

Ab-nJc^n Connr. Hcndereon <P. CJ

DPS I aes. London Brick

QfXMiy WrUoo (ZetinOllYI

Comhcn Group

CHEMICALS (1)

Novo inds. AS 8

ELECTRICALS C2i

Oceanic: United Sclentrhc

ENGINEERING (4i
A.P.V. Whe:soe

Vic/cr Products Yarrow

FOODS (1)

Errolund ij. E.J

INDUSTRIALS Ul
Bonier Trarcno/ Humlclgh

Dunhril • Pentlow

MOTORS 111

Automotive

■ PAPER «1l
Associated Paper

SHIPPING <T!

P. 6 Q. Odd.

TOBACCOS (1)

Rottunans

TRUSTS <2>

Caledonia invs. SPLIT Inc.

NEW LOWS (45)

AMERICANS til

Caterpillar

CANADIANS (3)

Brascan Into

Hawker Sidd. Con. '

BUILDINGS (J>

Benloru Cone. Mach.

ELECTRICALS (3)

Chleritre 7'.-ec Com. BSR
Cnv. Prtl. Immcdttte Bus. Sv*.

ENGINEERING (4)

Davy Corp. Hail (Matthew)

Haden Molins

INDUSTRIALS (11)

Ami/. Metal Staffordshire Potts.

De La Rue Star Computer

Low & Eonar Toy*

Pilbincren Trident Come.

Rani' Qro. Zyoal Dynamica

Ke/yon

I INSURANCE (31

I General Accident Royal

i London United

LEISURE ri)

; Eeomr i Hawke; .

MOTORS (St

Catty ns JKSint

PROPERTY I7i

Estates prop. Inv. North Brit Props.

Hammerson A Prop. Partnerships

Marlborouen Town & Crtv 7 pc

Mauntlcigh Cnv. Cam. Pref.

TRUSTS (3]

Britannia Arrow Fashion & General
English Asm.

Otis ( 1 )

KCA D.-IIIHBI

OVERSEAS TRADERS (fl
Assam Trading

MINES W

East Diana. * Harmony

WlnLeihaak Peko-Walbend

RISES AND FALLS
YESTERDAY

aa . Rises Falla Samo

WM ■ British Funds 1 71 21

Corp ns., Dorn., and
Foreign Bonds ... . S S 60

Industrials 121 399 825

Financial 6 Props. 33 176 299

Oils 18 53 38

S?iU.fw«r,p*.Hsi»wa» ow« J

39.91

Mi —
U6 234

MU*

2B4I

M74

M5 -

mn

6 J1 —

MM

aui

9J8 —

SU2

25247

1133

521 XL97

«U 6

4031

5JSt —

MU2

WJ9

&02

157 1643

mm

4AS

H-41

644 649

mm.

SM —

mm

ittii

14L77

644 Ml

2 MA1

gqm

1X93

Ml U

377J2

VW

5M — 1

mm

mm

Helaba Luxembourg
Progress in 1981

Hessfcche Landesbank
International S. A.

4, Place deParis,P. O.Boxl702
1017 Luxembourg
Telephone: (f 9 rex) 496031
Telex: (forex)3296heIalu

■Wholly-owned subsidiary of
Hessisdie Landesbank
-Girozentrale-

as perDecember31sf, 1981

in DM million

Doe from Banks

1,028

Loans

1,401

Deposits

Z456

Capital and Reserves

53

Total Assets

2,619

Capital Funds

77

Operating Profit

14

Rainer Kuhn
Frederick R. Hopson

Treasurer

JiirgenVolzer

J.P.Bochaton
Matthias Voigt
Christopher Wood

Helaba [UiE^inrafepi]^]

HesasdieLandesbankIhteniagonaISJV*

These securfSes have been pfecedprfyHte^.

This announcement Appears as amafterof record on//.

Nfis 100,000,000

N.V. PHILIPS’ GLOEILAMPENFABRIEKEN

1 0 1 ^ bearer notes 1982 due 1987

An»t&dafn-Roii«rdaiti BankN.V.
AIsen^ieBfflikNederiffild N.V.

PIer«ai»HekIrk®& Pioson N.V.
Bank Mees& Hope NV

Apfni5,198Z

CrafitSdsse First Boston limited

-I ‘.V- ’

and Markets

CURRENCIES and MONEY

Sterling weak

THE POUND SPOT AND FORWARD

Sterling fell us currency
markets yesterday reflecting
further clashes around the Falk-
land Islands. Trading remained
extremely nervous.

The dollar was also weaker as
the market looked towards lower
U.S. interest rates. Euro- dollar
rates were weaker yesterday.

The Italian lira remained the
weakest member of the Euro-
pean Mnmeiatr System yesterday
followed by the Belgian franc.
The D-mark was the strongest
member, /invert as around its
upper divergence limit

‘ STEALING—' Trade weighted
fnefex Sff-fi against 89.7 at noon,

89.4 at die opening and 90.1 on
Tuesday (S9.0 six months ago).
Three-month interbank 13& per
cent <15f> per cent six months
ago). Annual inflation rate

10.4 per cent (11 per cent
previous month) — Sterling
opened at S1.7940 against the
dollar and rose in thin trading
ta SI. 8050. It came back later
in the d3y to SI. 800 but rose to
a best level of $1.81 before
das inn at SI .8050-1.8065. a rise
of P2.5 points. Again.** the D-
mark it fell tn DM 4. 1ST 5 from
"DM 4.2125 and SwFr 3.4950 from
SwFr 3.52 It was aisr> weaker
against the French franc at

: FFr 10.9250 from FFr 10.9475.

DOLLAR — Trade weighted
hides 112.6 against 113.5 on
Tuesday and 107.0 six months
affa. Three-roonJh Treasury bills
12.55 per cent (12.20 per cent
six months ago). Annual inflation
S.2 per cent (7.7 per rent
previous month) — The dollar
closed at DM 2.317a from
DM23435 and SwFr J. 9350 from
SwFr 1.9575. It was also lower
.against the Japanese yen at
Y233.S5 compared with Y237.25.

D-MAKK — EMS member
(strongest)- Trade weighted
index 124.8 against 12-L2 on
Tuesday and 124.1 six months

ago. Three-month, interbank
9JLT3 per cent (11.475 per cent
six months ago). Annual inflation
5.2 -per cent (5.8 per cent
previous month) — The D-mark
was mostly firmer at yesterday’s
fixing in Frankfurt The dollar
slipped to DM2.3248 freon
DM 2.3383 and sterling was
weaker at DM4,1900 compared
■with DM42270. The Swiss franc
was also down at DM 1.1964
against DM 1.1973. Within the
EMS the French franc slipped to
DM3S.3S per FFr 100 from
DM 33.43 and the Belgian franc
was lower at DM 5.31 per
BFrlOO from DM 5.318. At the
close of trading the dollar was
quoted at DM 2.3 1S5 reflecting
a softer trend in Eurodollar
rates.

BELGIAN FRANC — EMS
member (second weakest).
Trade weighted index 95.8
against 95.7 on Tuesday and
107.0 six months ago. Three-
month Treasury bills 13.75 per
cent (15.75 per cent six months
ago). Annual inflation 8.4 per
cent (7.1 per cent previous
month) — The Belgian Central
Bank spent the equivalent of
BFr 6bn supporting the Belgian
franc last week according to
figures released yesterday. The
Belgian currency has shown a
stronger tendency within the
EMS but there remains little
likelihood of a cut in the
discount rate unless the West
German authorities reduce their
interest rates.

At yesterday's fixing In
Brussels the dollar slipped to
BFr 43.8150 from BFr 44.0375
and sterling was lower at
BFr 79.04 compared with
BFr 79.5150. Within the EMS
the D-mark rose to DM 15.8390
per BFr 100 from DM 18.8127*
while the French franc slipped
ro FFr 7.2295 from FFr 7.2310
per BFr 100.

Hay g spread
US 1,7340-1.8100 1 .8050-1 .8085 0 .3HM0Q «H*
Canada 2.1960-2^075 2.2055-2.2070 0.43-0 53c dts
Nethlnd. 4.62-4,68 4J*p«.fifPi pm

Belgium 78.65-79.00 78.75-78.85 15-26c die

Denmark 14.16-14.25 14.22-14.23, BVd^ora dls

Ireland 1-2000-1.2150 1.2095-1.2TO fl.61-0.73p 4<t
VY. Gar. 4.17-4.20 4.18V-4.13>« IV-l^pf pm

Portugal 128,75-127,75 128.10-12730 210.790c d»

Spain 165.50-180.75 18640-188.15 60-SSc dte

Italy Z.3154L326 1323-2.325 di

Norway 10-76-10.81 10.79-1020 fiVSore dll

Franca - 1026-1054 1092-1053 $-12c die

Sweden 10.4Q-10.45H 10.44-10.45 V’lOra pm

Japan 422-426 422-423 ZVZ'sY pm

Austria 29.35-29 56 29.45-29.50 14-llgro pm

Swifcs. 3.49-3.51 3.4*3.50 fft-Z* e pm

Belgium 78.65-79.00
Denmark 14.16-14.25

Spain

Italy

Norway

Franca

Sweden

Japan

Austria

Switz.

2.3154L326

iy 10 76-10.81 10.79-1020 GVtare dll -S.Z7 lO^-ll 1 * dis

i' 1086-10.94 1032-1053 9-1 2c din -11.53 24V28t*dis

HI 10-4Q-10.45S 10.44-10.45 pm 0.50 2-1>«pm

422-426 422-423 . 2 1 s -2i#y pm 8 67 6V-ft*i pm

a 29.35-29 SB 29.45-29.50 14-llgro pm 5.09 38-31 pm

3.49-3.51 3.4*3.50 3VZ% c pm 1030 8V7% pm

Belgian rate is ter convertible trance. Financial franc 85-00-80 10.
Six-month forward dollar 1-20-1. 25c die. 12-month 2.lS-2.30c di*.

THE DOLLAR SPOT AND FORWARD

Day's % Three

spread Close On* month p.a. months

% Three %

Quo month p.a. months p-».

0 ,30-0.400 dte -2.33 0.75-0.85dis -1.77

0.43-0 53c dls -2.G1 1.20-1 JOdis -227

1 s «-1**cpm 3JJ7 5^2-5 pm 4.52

15-2Sc die -3.05 60-65 dis -2.92

8 VS 1 !®™ dts -7.58 21-22 J, dis -6.10

fl.61-0.73p 4(s -«.«4 1j»f JSdls -5 .82

IMpf pm 4 JO 5-4*a pm - 4.42

210.790c die -47.23 420-1650dis -32.59

£0-8Sc dis -4.60 190-225 dis -4.46

21 1 i-24 1 j lire dis -11.83 68-73 dis -12,13

-627 101 ,- 11 3 , dis -3.56
-11.53 24V-28vdis -9.70
0.50 2-1>,pm 0.65

6 57 GV6*. pm 629
5.09 38-31 pm 4.68
1020 8V7* pm 9.16

UKt 1.7940-1.8100 12050-12065 02tMJ^0c dis
Iratandf 12875-1.4960 1,4935-1.4950 028-0.48cpm
Canada 1.2220-12236 1.2220-12225 0.03-0.08C dre
Nethlnd, 2-5720-2-5790 2.6750-2.5780 1.50-1 .40c pm
Belgium 43.65-43.80 43.85^3.67 2-5c dis

—2-33 G.7S-0.S5dts -1.77
426 1.60-1.46 pm 429
-0.44 021-0.2Sdis -0.75
6.76 4.35-4.16 pm 623
-026 10-15. dis -1.14

Belgium 43,65-43.80 43.85-43.67 2-5c dis -026 10-15. dis -1.14

Denmark 72700-72060 72700-72800 320-3. More dis -526 *L50-3.0Gdta -4.44

W. Gar. 22160-2.3280 22170-22180 -1.29-1.24pf pm 6.S5 328-3.63 pm 621
Portugal 7025-7025 70.35-70.60 100-300C dis -3328 200-650*8 -24.07

Spain 10321-10321 103.25-103 20 16-26c dis -2.4 4 BS^Odis -ZM

Italy 128634,-1289^ 1286t»-1287?. 10V12»m dis -1028 32-34 die -10.24

Norway 52750-5.9950 5.9750-52850 2.40-2.70om die -6.19 320-3. 50dis -227

France 6.04SM.0600 02500-6.0550 4-4» 4 c dis “8.68 ll‘r-13 dha -8.10

Svreden 5.7600-5.7970 5.7800-6.7900 1.40-1.25ore pm Z.75 3.00-3,25 pm 220

Japan 233.70-Z35.60 233. 80-233.90 1.71-1 .63y pm 8.57 4.7S-4.65 pm 8.04

Austria 162ZV16-38 1fi.32V16.33 1 * lOVS^ro pm 7.44 27V241 ipm 6,43

Switt. 1.9340-1.9450 120*6-1.9355 1.89-121c pm 11.47 5.27-5.19 pm 1021

t UK and Ireland are quoted in U.S. currency. Forwent premiums and
discounts apply to the U.S. dollar and not to the Individual currency.

CURRENCY MOVEMENTS CURRENCY RATES

Banker Morgan
England Guaranty
Index Changes^

Starling . I 89.6 —68.5

U.S. dollar- .J 112.6 + 5.B

Canadian dollar.... 87.7 —18.1

Austrian schilling. 118.0 +25.5

Belgian franc.. 952 —12

Danish kroner. B4.6 —16.7

Deutsche mark.... 124.8 +48.3

Swiss frame. 148.8 + 99.8

Guilder 115.3 +822

French Trano 79.6 —14.7

Lira * 54. 1 —56.4

Yen- 139.6 + 34.0

Based on trade weighted changes from
Washington agreement December 1971.
Bank of England index (base average
1976“ 100].

OTHER CURRENCIES

’Sterling..—

1/2. S.

Canadian S J . _

Austria SchJ 61s 182406 116.3289
Belgian F..„ 14 49.6187 442935

Danish Kr._ 11 623511 8.10643

D mark 71c 1 2.63274 ! 2.38572

Guilder..^. 8 1 3,92458 ! 2164704
French Fr.... 91ei 6.86554 621716

Lira-.. D 19 ,146027 <1324.39

Vnn — .. --^-l 519 n+ : 241.006
Norwgn.kr.1 9 16.78457 6.15401

Spanish Pts., 8 n.a- 106.179
Swedish KtT 10 ! 6.56147 6247B2

Swiss Fr 61s 2.20014 1.99432

Greek Dr'ohT 20 Hi 71.2317 64.5845
* CS/SM nett for Apn'f 29; crane avail.

Bank! Special (European
rata ; Drawing Currency
% j Rights : Units

- 10628307 0*86679
12 1.13246 ' 1.02678

ng^M. - 0.621

.; 12 1.151

lion sJlS.32 -•
la SchJ 6ia 18J<

■ 1.25534
1 16.8289
44.9955
8.10643
! 2.38572
! 2164704

241.006

6.15401

106.179

5.947B2

EMS EUROPEAN CURRENCY UNIT RATES

Currency *L change
ECU amounts from *A change
central against SCU central adjusted for Dftra igeoea
rates May 5 rats divergence limit %

Belgian Franc ... 44-6363 44.9335 + 0.66 +635 ±1.5440 —

Danish Krone ... S. 18382 8.10643 -0.95 -0.71 ±1.6*29

German D-Mark 241815 2.23572 -1.34 -1.10 ±1.1037

French Franc w 6.19564 6.21718 +0.35 +0.59 ±1.3743

Dutch Guilder ... 2.67296 2.64704 -0.97 -0.73 ±1.5069

Irish Punt 0.636799 0.659577 +0.40 +0.64 ±1-6689

Italian Lira 1305.13 1324.29 +1.47 .+ 1.47 -4.1242 '

Changes are far ECU. therefore positive change denotes *
weak currency. Adjustment calculated by Financial Times*

For Sterling/ECU rate see CURRENCY RATES table.

Argentina Peso—
Australia Dollar—
Brazil Cruzeiro.,..
Finland Markka..
Greek Drachma..
Hong Kong Dollar

Iran iGal —

Kuwait Dinar (KD)
Luxembourg Fr .
Malaysia Dollar...
New Zealand Dir.
Saudi Arab. Rlyal
Singapore Dollar.
Sth. African Rand
U.A.E. Dirham ....

1.6B65 1.6985
279,13-280,13
8,1522-8.1644
WJ81-fH2B4
10.46 ia-10.48
147.10"
0.5100.516
78.75-78.85
4.1354-4.141*
2.3345-2J3B5
6.13-6.19
3.771c -3.78
LB 99 6-1.9018
6.67-6.65

Q.9416^0.94 21
154.85-155.61
4.3100-4.5120
62.75^2.90
5.8Q60-S.8100
81.40

0JI85SC.2857

43.6543.67

2.2960-3.2980

2.9948-2,2965

3.4300-3.4320

3.0940-2.0960

1,0620-1.0532

3.6716-3,6736

Austria

Belgium ,

Denmark

France

Qenr..iny„,_..

Italy «...

Japan

Net ha Hands

Norway .

Portugal

Bpa/p

Sweden-

Switzerland

United State* I

Yugoslavia. [

£

Note Rates

Z9 30- 29.60
85^0-86.30
14.18-14.32
10.87-10JS7
4.17-4.21
2285 2355
423428
4.B14A5
10.75-10.86
1251;-153
279i 3 -198le
10.40-10.50
5.483, .1.5254
I. 7 SI 4 -I. 8 II 4
92100

t Now one rats. "Setting rate.

EXCHANGE CROSS RATES

Pound 5t'riing| U.S. Dollar I Dsutsohem’ kjJapan'ae Yam French FranclSwfasFrano t Dutch Guild'! Italian Ura |CanadlADollar|Balgian Fran*

Pound Sterling
UJi. Dollar

Dautshemark
Japanese Yen l.QOO

French Franc 10
Swiss Franc

Dutch Guilder •
Italian Lira 1.00Q

Canadian Dollar
Belgian Franc 100

2324.

2J306

1287.

1^23

555.0

0J327

5501.

5J22

1127.

2.019

664.0

0.651

409.8

0.474

1000.

0.940

1053. ,

1.

2049.

2.800 1

FT LONDON INTERBANK FIXING (11,00 a.m. MAY 5)

3 months U.S. dollars

6 months U.S. dollars

offer 15 I bid 141S/1B offer 14 16/W

The fixing rates sra the arithmetical mesne, rounded to the nearest one-ebdeenth,
of tbs bid end offered rates for 510m quoted by ths market to five reference banka
at It am each working day. The banks am National Westminster Bank, Bank of
Tokyo, Deutsche Bank, Benque Nationals do Peris and Morgan Guaranty Trust.

EURO-CURRENCY INTEREST RATES (Market closing Rates)

U.S. Canadian Dutch

Dollar Dollar Guilder

404 6 -67a i IS

434 634.6 7 fl 18

■fitj ary-fira I 20

6 ^-7rj

6Ti-7rir

6T 8 -7

SOR linked deposits; onB month I3V14 per cent; three months 13*a-131» per cant; six months per cent; one yeer 12^4-13^ per cent.

ECU linked deposits : one month 14VH 7 « per cent: three months 14V14», per cent : six muntha 13V14*. par cent ; one yew ISH-IS 7 ! per cent.

Aoien S (closing rotes in Singapore) : on* morrlh 15^-15*1* per cent; three months 14V-15 per cent : six months 14”u-14Uu per cent ; one year per

cenr. Long-term Eurodollar two yeeia per cent : three ye^ts IS^-IS** par cant: tour yean 15V15*» par cent ; fiv» years 15^-15^, par wnt; nominal closing rates.

Short-term rales are call lor U.S. dollars, Canadian doHaro and Japanese yen others two days notice.

The following rates were quoted lor London doHar certificates of dopnstt: one month 14.75-14.85 .per cent ; three months 14.60-14.70 percent; six months 14.50-
34.60 per cent : one yaar 14.30-14.50 per cent.

MONEY MARKETS

London quiet but nervous

UK clearing bank base lending
rale 13 per cent (since
March 12)

Con fftt Ions were very quiet in
tire London money market
yesterday in anticipation of
further news from the South
Atlantic about the Falkland^
crisis. Discount houses buying
rates for eligible bills showed
little change and interbank
rates were also fairly steady,
with most periods at 131-13’ per
cent compared with 13H3fi per
cent.

The Bank of England forecast
9 surplus of around £100m in
the morning, and suggested that
the main factors were: bills
maturing in official bands and a
market take-up of Treasusy bills
-£271m, offset by Exchequer
transactions +£2o0m, and a fall
to the note circulation +£40m.

At noon the surplus was
revised to about £S0m. and at
the same time it was announced
that the authorities did not
operate in the money market
daring the morning.

In the afternoon the Bank of
England sold £53m Treasury bills
maturing tomorrow at 12rl22
per cent,

MONEY RATES

NEW YORK

•rimo raia UP*

5 eH. fundi Ifunch.tmiBj 15 V 1 B

,‘rea9ury bills (IS-wiek) 12.55

Vaasury bifly {05- wee!.-) 12.60

Discount houses paid about
12A per cent for secured ad l
money for tne most part, but
may have picked up some late
balances at 9 per cent. In the
interbank market overnight
loans touched a peak of 13 per
cent and closed at 8 per cent.

In Paris the Bank of France
kept its intervention rate at 16
per cent when announcing a
purchase of FFrl5bn of first
category paper maturing
between May 15 and 25. This
was the same as the previous
intervention rate, which was
reduced from 17 per cent on
April 20. Call money fell to
15* per cent from 16S per cent
yesterday, and period rates
diowed a downward trend. One-
month money fell to 16$ per
cent from 16i per cent; three-
month to 16jfc per cent from 16i
per cent; an six-month to 19|
per cent fn^n 15& per cent.

In Amsterdam short-term
interest rates eased ahead erf a
cut in Dutch key lending rates.
This followed speculation that
the German Bundesbank is
about to reduce its Lombard
rate bad: to 9 per cent, and
eliminate the special Lombard

LONDON MONEY RATES

facility 'which has floated above
the 9 per cent level for over a
year. Indications of a lower
trend in interest rates was
reflected In the cot in the
central bank's interest rate on
advances to 81 per cent from 9
per cent The official discount
rate was left at S per cent, but
the promissory note rate,
representing the basis far
commercial hank lending rates
fell by 1 per cent to 9 per cent

STERLING.

-V'W*-

-i—

s D J F M A 5T
19BI _ 1982

Eurodollars

easier

Eurodollar rates weakened
yesterday, but other Eurocur-
rency rates showed mixed
changes. Sterling rates showed
a firmer trend in general,' lead-
ing to a slight easing of the
dollar's, discount against the
pound in forward foreign ex-
change trading. EuroSwiss franc
rates eased however, widening
the francs forward premium
against the dollar. Among mem-
bers of the European Monetary
System. D-mark interest 'rates
were steady, but the weaker cur-
rencies were mixed. Euro-
Belgian franc rates fell, reduc-
ing the francs forward discount
against the dollar, but French
franc and Eurolira rates were
steady to firm, and forward
rates recorded little movement.

■ Sterling

May 5 Certificate
X9B2 , of deposit ;

GERMANY

Special Lambaid
Overnight role ..
3n* month . — ..
Tirsa months ..
Six months

Overnight ....... 1

2 days notice.
" days

7 days notice^
One month.

TWO menth*..„

Three months .1
She months-.. J
Nine months^.
One year...-.-.
Two years

13&-13A

13* IS*

13i 2 13fe

ISis 13%
I312-133 b

Iftis-lSfe

, , , ~ Gear -.Local Anth.l
Interbank Authority negotiable
deposits bonds

8-13 | 12 14 I -

- I 13 -

12SS 127g
| 1314-1338

if*-}**

I3ifl-13Sa

13l2-13Sa

13TS-1350

13>9-136b ;

FiftMOfl I Discount ' Eligible : Fine

House Company Market Treasury! Bank j Trade
Deposits I Deposits Deposits. Bills* Bills 4 ! Bills *

- |i2ia-ias*i g-iaisj _

: 1418-133*

141a- 13«4
14-1 3 Sg
I3ie-13i4
24-135a
137 fi .135e |

13-13 U iaie-127a! - - -

.ISis-l&fc 1258.127*; 13-13+ 13- 13rJ

131*

137b i 1250-18 7b 12V127 B iaa-iatfe 13is
- I - I - late

%AHK£

nurvBfitian rats 19.00

■>ve might rate 16.5

)nS month 16.125

Tiree months 16.125

Six months 16.375

JAPAN

discount rp:a B.B

laH f unconditional) 7,03125

9H • discount (threermonlh) 7.03375

Local au*wftrte end finance house* mvm dsye' noctea otters seven days flxfld. Long-tom local auttoritv morwaoe
2 L pa, B cenc s tow 1ft per cent : Hire yasrT 14*. per hlmTS

ere buying rates for prime paper. Buying rates for four-month Dank bills 12V12P4* par cant; four months wada bills
J3 1 ? per com.

Approximate sebmq rales for on* montii Treasury bi*la 12“u par eetw; two months T^a-IZWw par cent ; three
montns llPa-IZ'h* per cent Aopraxrmate aeUmg rate for erne month bank btJfo 12 ”ji-12«i* per cent: two months 12“ a -
ia*'ii par cent and three months 12“* per Mitt ; one month trade btUs 13 1 * par cent; two months 131* par cent; three
mentM 1 A per con t.

a ^ ,t e Pln . amx M per cent from May 1. 1982. London

and Scottish Cfearlng Bank Rates for lending 13 par cant. London Clearing Bank Deposit Rates lor aiime at seven days’
notice JO-JOf per cent. Treasury BHte ; Aybwbb lands/ ratesef discount 125765 par cent. •-

Certificates e» Tax Deposit (Series B) IS 1 * par cent from March 6. Deposits withdrawn for:sa«* 11 par cent

Financial Times fliursday Ma>* 6 19S2-

FT UNIT TRUST IIVTORMATION^^ ^SERVICE

44

Yorkshire & Humberside
means Business

Yorkshire & Humberside
Development Association
IQWoodftouse Square, Leads- LS3 1 AD

Telephone: (0532} 444639

Thursday May 6 1982

- ; ■ For

Construction

01-4643377

tfl ■

iPRSL SURVEY FENDS LITTLE EVIDENCE OF RECOVERY

too optimistic, says CBI

BY MAX WILKINSON, ECONOMICS CORRESPONDENT

BRITISH manufacturing indus-
ry is showing little evidence
f- any substantial recovery
rcm the recession, the Con-
cderation of British Industry
aid yesterday.

Sir James Cleminson, ehair-
aan of the CBI's economic
ituation committee and chair-
oan of Keckitt and Caiman, the
cod group, said the latest
urvey of industrial trends did
mt support some of the more
iptimistic statements which
Treasuiy Ministers have made
■ecently about the prospects of
•eccvery.

"I feel that Government
ftiGislers are understandably
akin° the sort of line which I
could take if I were a poli-
dcian, which is lo look on the

brighter side."

The CBI's latest quarterly
trends survey of nearly 1,700
companies, published yesterday,
showed some increase in busi-
ness optimism for the future.

But, he added: "I do not
believe that we have come off
the bottom to quite the extent
that the Chancellor would have
us believe. I think he is pos-
sibly looking at the brighter
side rather than the picture as
a whole.

“ We believe that we are now
bumping along the bottom of
the recession."

One important difference be-
tween the Treasury’s view and
that of the CBI is on the im-
mediate prospects for the
rebuilding of companies' stocks

which would be one of the most
important components in the
early phase of recovery.

The Treasury, in its Budget
forecast, suggested that restock-
ing would begin in the first
half of the year. The CBI says
that its survey indicates that
stocks will continue to be
reduced for the next four
months.

The survey also indicates
that:

• Investment in manufacturing
industry will start to increase
this year but will be less for the
whole of 1992 than in 1981.

* Confidence about exports has
declined a little after a substan-
tial rise since mid-1980.

• Output will change little
during the nest four months

with 91 per cent of firms ex-
pecting production to be
limited by shortage of demand.

• The numbers employed in
manufacturing will continue to
fall, with improvements in pro-
ductivity and a continued mode-
rate trend of costs.-

• Companies' liquidity will
improve substantially, partly
reflecting the expectation that
they will hot have to finance a
very large recovery.

In its April Economic Situa-
tion Report, the CBI comments:
“ Although there Is clear
evidence of strengthening busi-
ness confidence, business ex-
pectations do not point to a
strong recovery occurring in the
foreseeable future.”

Details, Page 14

xxon to raise $500m by bonds

BY PAUL BETTS IN NEW YORK

iICCON, t*^? world's largest oil
romnany, yesterday announced
Os return to (he debt market
after eight years to raise up to
?5iK)m (£276.9m j to finance its
J-S. operations for the rest of
:he year.

it plans to raise these funds
3n the domestic U.S. debt mar-
set and the Eurodollar market
tfith a type of security it calls
i universal bond.

Its decision to return to the
3ebt market underlines the
drama lie changes in the finan-
cial fortunes of major oil com-
panies in the face oF declining
petroleum demand, declining
oil prices and declining cor-
porate profitability.

The move comps a few days
aft-’p Evvon decided to shelve
a S5bn shale-oil project in the
U.S. and a v;eek after it re-
ported a 22.S per c^nf fail in
first-miarfer net earnincs.

Exxon is taking advantage of
a ne«v Securities and Exchange

Commission iSECI rule. This
enables a company to file a
single SEC registration state-
ment covering a proposed offer-
ing of securities which can then
be sold, when conditions seem
appropriate, over two years.

The rule relieves most securi-
ties issuers of the costly And
time-consuming need to register
separately with SEC every time
they come to market

The Exxon securities are to
be issued by Exxon Finance NV,
its Netherlands Antilles sub-
sidiary’. Under the so-called new
SEC shelf-registration rule 415.
the securities, expected to be of
short- to medium-maturity, will
be sold prediodically, uirectly
to dealers and investors, in
minimum purchases of $100,000.

Other principal U.S. corpora-
tions are taking advantage of
the rule but none has sought
to sell a security in both the U.S.
and Eurodollar debt markets.

A senior Exxon financial offi-
cial said yesterday the concept
of a universal debt security had
to be proven. The company be-
lieved, however, it -would gain
flexibility by being able to pay
domestic and international mar-
kets simultaneously.

The proposed Exxon securi-
ties raise tax and distribution
issues. Because the securities
will be issued from The Nether-
lands Antilles, interest on them
will not be subject to with-
holding tax as is the case with
U.S. securities.

This is no different to tradi-
tional Eurodollar bonds and, in
any event, U.S. citizens would
continue to be subject to U.S.
tax on the issues.

However Exxon, by filing a
shelf-registration with SEC, can
Immediately sell the securities
in the U.S. without waiting for
the traditional three-month
registration period before a new

Eurodollar security can be sold
on the U.S. market.

Wall Street bond-analysts said
Exxon’s concept was a new step
in debt-financing but were un-
sure of the market’s initial
response in view at the sharp
differences between the UjS.
market and the Eurodollar
market

Mr Jack Bennett, Exxon
senior vice-president and direc-
tor, said yesterday that Exxon
expected to spend more on its
capital investment programme
this year than the $11.2bn spent
last year.

He hoped investors would pay
a higher price for the com-
pany’s new debt securities
because they would be more
liquid. He expected UJS.
interest rates to be more
favourable this year, which was
why Exxon had filed for SEC
registration.

Natic

ST

&

By David Goodhart and
Brian Groom

THE NATIONAL dock strike
due to start on Monday may be
called off. The docks and water-
ways committee of the Transport
and General Workers* Union
decided yesterday to urge that
it be suspended.

The recommendation will go
before a recalled delegate con-
ference of dockers in London
on Saturday. Mr John Con-
nolly. national docks secretary
of the TGWU. said the basis
for it was a government under-
taking to discuss specific union
proposals for the inclusion of
a non-scheme port in the 1967
national dock labour scheme.

He added that the Falklands
crisis had also concerned com-
mittee members. "We would
not want a strike that might
damage our policy in the Falk-
lairds."

The docks committee is
influential, and its view may
well be accepted by the 87 lay
delegates at the recalled
conference.

However, the Government’s
offer falls short of the demand
for moves towards the inclusion
of “all non-scheme ports and
wharves.” made at a conference
two weeks ago. Militant shop
stewards may argue against
accepting it.

The labour scheme is the
basis of registered dockers’
unique employment rights,
which in effect rule out compul-
sory redundancies.

Registered dockers have been
worried about the erowth of an
unregistered workforce of some
.'d.000 in over SO ports outside
the scheme, ai a time when
the registered workforce has
declined to 18.000.

They believe it makes the
scheme vulnerable to attack and
that all dockers’ jobs should
attract traditional rights.

Mr Connolly did not rule out
the possibility of a strike if the
Government did not accept
union proposals for the inclu-
sion of a so far unchosen port
in the scheme. He also claimed
that if a strike was necessary,
support would be solid.

The acceptance of negotia-
tions over the inclusion of a
single port is seen as a step-by-
slcp tactic gradually to bring
in as many ports as possible.
Mr Connolly said there would
have to be serious discussions
with the membership before de-
ciding which port was selected
for initial negotiations.

The call for the 1967 scheme
to be extended to non-scheme
ports is a cahnge of tack for
the TGWU, which has previ-
ously pressed for the dormant
1976 Dock Work Regulation Act
to be brought into force. This
would have opened up inland
freight-handling jobs within
half a niile nf ports to dockers,
as well as bringing in the non-
scheme ports.

Dockers who dread a strike,
Page II

Sainsbury’s profits and sales
continue to defy recession

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT

THE SALES and profits surge
by the J. Sainsbury supermar-
ket chain continued over the
past 12 months, according to
preliminary figures issued by
the company yesterday.

Sainsbury announced pre-tax
profits for the year to February
27 of £89.1ra. up 35.5 per cent on
12 months before, and sales of
£l. ftl ibn. up 22.7 per cent
For the third successive year
Sainsbury has impressed the
City by the size of the growth
in sales and profits when most
retailers have been struggling
to cope with the deep recession.
In the previous two financial
years, Sainsbury’® pre-tax
profits rose by 41 per cent and
43 per cent respectively, with
sales up by 22 and 30 per cent
Only Marks and Spencer of
be main reatilers ha* managed
to keep close to Sainsbury’s
sparkling financial perform-
ances in recent years. Last

week, Marks announced pre-tax
profits for the last full year of
£222m, up 23 per cent
Tesco, Sainsbury’s arch-rival-
iD the High Street, is expected
by City analysts to announce
growth in profits nowhere near
the Saiosbtuy .performance,,
when its full-year results appear
next month. At halfway, Tesco’s
pre-tax profits were up by just
less than 6 per cent at £14.6m.

The Sainsbury sales perform-
ance oyer the past 12 months
was helped by a 6 per cent
growth in volume at existing
stores, plus a further 7 per cent
at new stores. Sainsbury now
serves more than 5m customers
a week, an increase of 23 per
cent in the past two years. *
Sainsbury also appears to
have pulled away from Tesco in
terms of market share for
packaged groceries. In the
first three months of 1981,
Sainsbury’s share was estimated

at 13.2 per cent, while Tesco’s
was 13.7 per cent However,' in
January-March this year, Sains-
bury’s average market share was
14.6 per cent compared to 13.3
per cent for Tesco. More recent
figures have shown Sainsbury
above Jhe 15 per cent level.
Tesco’s share is understood to
have changed less.

Productivity, measured by
sales per employee, also im-
proved by 3.4 per cent over the
past year, bringing the five-
year productivity, increase to
28.5 per cent

Also during the past year,
Sainsbury created 5,600 new
jobs, bringing the total of new
jobs over the past .two years
to 11,000.

In spite of the good profits
performance, Sainsbury shares
closed at 5p down at 645p, in
line - with the general market
trend.

Details, Page 31

Navy lacks defence

Continued from Page 1

that the government would not
have fina&y decided to develop
a new system if the current one
had been successful.

Other missiles carried by the
task force — such as the Seaslug
and Sea cat, are anti-aircraft
weapons without an anti-missile
capability. Some warships are
equipped with decoy systems —
such as the Chaff — intended to
deflect missiles from their
target. It must be assumed that
at least the more modern
vessels also have the ability to
jam the active radar-homing
devices of Exocot • missiles.

Again, however, experts dis-
agree as to the effectiveness of
such devices.

Behind this apparently
serious lack of defence against
sea-skimming missiles lies, as
Mr Nott said, the lack of a
Soviet threat in that particular
area.

There was a protracted de-
bate within the Ministry of
Defence involving two rival
systems of lightweight tracking
radar for the Sea Wolf — which
would be resigned to enable
the missile to pick up and
"kill” the Exocet in its sea-

skimming phase.

One system, the VM 40, has
been developed by British Aero-
space and the Dutch Bollandse
Signaal Apparaten. The other
is Marconi’s ST 805 SW.

Stiff competition between the
two rival systems, together
with the' effects of the defence
review last June, delayed deci-
sions within the Ministry until
February:

Marconi was then awarded a
contract, estimated to be worth
some £4flm. which is believed
to envisage the start of produc-
tion in about two-three years.

Continued from Page 1 | Continued from Page 1

Haig

minster. They told the whips
that they would not support the
Government if there was any
direct military attack on air-
fields on the Argentine main-
land.

The White House said that
British requests for material
support so far- had been modest,
mentioning only fuel for the
naval task force. It added that
the U.S. was ready for talks in
any "forum or venue"

The State Department has no
confirmation of reports of a
major new battle in the South
Atlantic and would not take a
position on the Irish Govern-
ment's request for a UN
Securitl Council meeting.

Financial markets

selling, the market recovered,
-with the index down eight
points only. It closed 8.S points
down, at 575.4.

Gilt-edged securities showed
falls- ranging from I in longer-
dated securities and losses in
short-dated securities ranged to
4. The Government securities
index feH 0.31 to 67.67.

Alan Friedman adds; Vene-
zuela, Latin America’s largest
depositor in London, is re-
ported to he withdrawing sub-
stantial sums from the. UK. A
senior Venezuelan banker said
last night Venezuela and
several of its state agencies
were withdrawing between
$2hn and $3bn. Venezuela’s

total deposits in the UK were
$7J?bn, according to Bank of
England December 1981
figures.

British bankers said yester-
day a rap^d withdrawal would
be difficult because much of the
..money is tied up in three- and
six-month placements.

The Venezuelans, who are
supporting Argentina in the
Falklands crisis, are taking
steps to protect their position
iu case any blockage is imposed
on assets. London bankers are
not unduly concerned. They
say that if the money were
placed in other centres it would
be recycled eventually to the
London market.

BR to introduce low fares on London-Scottish route

BRITISH RAIL is to introduce,
on May 17, a range of low first-
class fares for non-keeper travel
every’ bight between London and
Scotland.

Responding to competition
from cut-price coach operators,
BR will offer one-way journeys
to and from London at about a
third of the ordinary first-class
fare. The new fares are: Edin-

burgh, Glasgow and Falkirk £12,
Dundee and Kirkcaldy £14,
Aberdeen £16. Children under
five will travel free, those from
five to .16 at half-price:

Each . night of the week, the
“Nigbtrtder” train will leave
King’s Cross, at 2205 hours, its
different - sections calling at
Edinburgh (0542), Falkirk
(0655), Glasgow (0724), Kirk-

caldy (0633), Dundee (0715)
and Aberdeen (0833). The
southbound version will start
from Aberdeen . at 2030 and
reach King's Cross ai 0635.
Timing on Saturday-Sumfay
journeys will be slightly later.

There will be free seat
reservations, all-night catering
and continental breakfasts for
£1

Mexico to
seek
loan of
over $2bn

By Alan Friedman

MEXICO will announce today
plans to seek between. §2bn and
52.5bn (£i.lbn-£l.4bn) through
an international syndicated loan
bearing significantly higher
interest margins than in' pre-
vious deals.

The announcement will be
made in New York by Sr Angel
Gurria, director of Mexico’s
external public debt at a meet-
ing of U.S. and Japanese banks.
He will visit London on Mon-
day to seek the participation of
European and Middle East
banks in the credit.

Today’s meeting of Mexican
Finance Minister officials and
bankers has been, arranged by
•the Bank of America, which is"
co-ordinating the loan. The loan
will provide two' tranches, of
three years and seven years
respectively.

The three-year tranche will
provide interest of one per-
centage point above the London
interbank offered rate (Libor).
The seven-year tranche will pay
If points over Libor, the highest
interest spread for Mexico since
1977. There will also be
options for banks to lend at
rates related to the U.S. prime.

Participating banks wilL- re-
ceive a management fee- of - if
per cent of the amount. raised.:

One banker involved in : the
Mexican borrowing said the deal
marked “ a new realism in
which Mexico is accenting the
current attitude toward develop-
ing nations which have a high
level of debt”

Mexico's total external debt
amounts to around $65bn, of.
which public sector borrowing
Is close to $50 bn. The country
has been struggling with a de-
preciating currency, record
inflation of more than 60 per
cent this year, felling oil sales
and declining oil prices and a
hu«*e public sector deficit:

The last large Mexican Gov-
ernment international loan was
a $700m eight-year credit last
summer, bearing a spread of
3 percentage points over Libor.
In a recent $2bn credit for
Pemex. the Mexican energy
concern, the rate paid over four
years was f per cent above
tabor.

“I think it is a brave move
by Mexico to shift upwards to
this degree.” said the banker
who is putting the loan
together, “They are recognis-
ing the need for a new level
of pricing.”

Sr Gurria and Sr Silda
Herzog, Mexican Finance
Minister, are currently travel-
ling around the world and
meeting bankers to discuss the
country's austerity programme.
Nonetheless. Mexico will have
to borrow around $20bn this
year, and more than $15bn of
it will be needed to pay interest
on outstanding debt and to
refinance short-term maturing
debt.

An official invitation to banks
will go out today.. About 20
banks will be asked to form a
management group on the new
loan.

Weather

UK TODAY
UK TODAY
COLD and showery.

SJEL, Midlands and E. England
and Edinburgh

Rather cloudy with showers,
becoming mostly dry. . Max
lie (52F).

Wales, W. Scotland, W. England
and N. Ireland

Sunny intervals, scattered
showers. Max 1DC (50F).
Rest of Scotland
Wintry showers, sunny inter-
vals. Max 7C (45F).

Outlook: Mostly dry with sunny
intervals. Rain in the north.

WORLDWIDE

Y'day

Y'day

midday

midday

*C

°F

■c

"F

Ajaccio S

27

81

London S

12

54

Algiers F

25

77

luxmbg. C

6

43

Amsdm. R

8

46

Madrid S

-16

81

Athens S

20

68

Majorca S

21

70

Bahrain F

20

68

Malaga S

24

25

Bardna. S

16

61'

Malts F

19

86

Beirut F'

20

68

Mcheif. S

10

50

Ballast R

5

41

Melbne.

__

—

Bafgrti. S

23

73'

Mt. C.t -

—

—

Berlin S

19

66

Miamit S

22

72

Biarritz S

13

55

Milan R

12

54

Bmghm. C

10

50

MOnVIt S

10

50

Blackp'l S

8

48!

Moscow . F

19

86

Bcrdx. F

15

0)

in

Munich ' F

19

66

Boulgn.

—

Nairobi R

20

68

Bristol R

9

4Sj

Naples S

20

88

Brussels S

10

50

Nassau

w—

—

Bud pat. 5

23

73 1

Nwcstl. S

10

50

Cairo C

23

73

N Yerkt S

13

55

Cardiff S-

10

50

Nice R

15

59

Casbca. C

18

84

Nicosia

—

—

Capa T.

■—

Oporto S

14

57

CWcg.t C

17

63

Oato F

9

48

Cologne C

6

43

Paris C

IT

52

Cpnhgn. R

7

45

Perth C

19

66

Corfu S

21

70

Prague S

21

70

Denver? S

3

37

Rykjvk. S

O

32

Dublin 5

9

48

Rhodes S

21

70

Dbrvnk. S

19

66

Rio J'ot

—

Fdnbgh. F

8

48

Roma F

20

68

Faro S

19

86

Salib’rg C

21

70

Florence R

15

59

1 S’ciscot

—

Frsnkrt R

10

50

S. M’ritz

—

_

Funchal F

18.

64

Singapr.

— -

Geneva R

5

43

S’tiagot

—

—

flibrltr. S

21

70

Stckhm. S

12

54

Gloag’w C

8

48

Strasb’g C

10

50

G'mmy R

6

43

Sydney

Helsinki 8

12

54

Tangier S

17

63

H. Kong C

25

77

Tal Avrv S

2b

sa

Innabr'Jr S

19

66

Tenerife S

22

72 .

lnvmsa. R

6

43

Tokyo F

22

72

l.o.Man

—

Tor*mot „S

8

48

Istanbul S

17

83

Tunis S

25

77

Jersey R-

6

43

Valencia S

19

68

Jo'burg F

19

66

Venice C

13

55

L Pima. S

22

72

Vienne S

2D

68

Lisbon $

16

$1

Warsaw S

23

73

Locarno R

9

48

Zurich C

B. 43

C— Cloudy. F— Fair,
t Noon GMT

R— Ram. S—Sunny-
temperatures.

THE LEX COLUMN

i --

S

r "•.**- «r

r

\ { U

J v

The Loudon financial mar-
kets w ere highly nervous yester-
day in the aftermath of the
sinking of HMS Sheffield, but
the fall in prices was relatively
modest Sterling, although
weaker overall, was flattered by
the very soggy dollar, and gilt-
edged and equities, simply
dropped back to the pre-war
levels of midday last Friday.

The fleeting glimpse on Fri-
day evening of where prices
might go in a happier world
continues to beckon the bolls,
and there is plenty of talk
about high institutional liqui-
dity. But if the Prime Minis-
ter's position weakens further
— as measured by the local
elections as well as in Parlia-
ment — liquidity could go on
building up for .a longtime.

Index fell: 8.8 to 575.4

General Accident

.Panto

1979 1980 1981 r 82

The stock market had braced
itself for very poor first-quarter
figures from General Accident,
bnt the reported result, a pre-
tax loss of £Il.lm compared
with a profit of £19.3m, was
still about £15m adrift of the
more pessimistic estimates. If
past history is anything to go
by, there may be some recovery
of UK weather losses, which
cost £20m. in subsequent quar-
ters. But, as the first of the
composites to report, GA has
given the - 'whole sec tor the- jit-
ters and its own shares closed
8p lower at 290p, where they
yield s per cent.

More worrying is the under-
lying deterioration in the mar-
ket. Australia and Canada are
still showing no sign of
recovery, while the overall
operating ratio in the U.S. has
crept up to 111 per cent. In
the UK. there has been further
premium erosion on commercial
and industrial lines. The
increase in total UK premium
Income was only 5-4 per cent,
and that thanks mostly to index-
linked household policies.

Some chinks of tight are
admittedly starting to emerge.
GA is adding business “in the
motor sector and should be able,
to lead rates higher in the
summer.. The more regulated
markets. South Africa and the
U.S., are looking better and the
growth in investment income
has been maintained. But
Profits even approaching last
year’s £105m now look, out of
the question. '

yesterday's announcement that
profits before tax and profit
sharing had risen 35.5 per cent
to £89.1ui in the year to Feb-
ruary, the shares caught the
market's chill and slipped 5p
to 645p..

Even at this humble level,
however> they. trade on 27 times
historic fully taxed earnings,

■ making the higher than ex :
pected dividend fairly academic
for today's buyers. The yield is
Z2 per cent Net trading mar-
gixuLdurihg the second' half year
were the highest since the group
went public, at 4.8 per cent of
ex-VAT sales. Price competitive-
ness has if anything improved'
and productivity gains are still
being made. Even so, to justify
its dirty rating, Sainsbury wfll"
lieed to p^l a new rabbit out
of the hat' . . "

Volume' growth in the' estab-
lished Southern stores, the
foundation of Sainsbury's suc-
cess over the past three- years,
is at last beginning -to flag as
the increase in opening hours
and sales per square foot reach
their physical limits. The store
opening programme will elimi-
nate cash balances in the course
of this year; But Sainsbury
could manage 20 per cent sales
growth on the back of new open-
ings and the gap between cost
inflation and food price infla-
tion will narrow. So 1982 profits
of £10Om, after profit-sharing,
are not just a day dream.

reratins— -and the company has
provided a - helping hand by
hiking -up .the dividend. At the.
interim . . stage pre-tax profits
were down from £12.9m to
;£p.7m, ; yet at the . full year the
■ decline has been shortened to
£7m, Tor an out-turn of £41«.
As in the . case of Ocean, the
change in the associate OCL's
treatment of . capitalising
interest has distorted the trend
"between the two halves. Never-
theless. with industrial disputes
costing the company possibly
£llm in the- year, and a £6ra
turnround into hiss in ship
sales, this represents a resilient
underlying performance, even
though weaker sterling may
have produced a boost of £ftm.

In the current year, although
-trading conditions are turning
down for OCL, there shou/d.&e
a, profits . recovery based od
fewer industrial disputes and
lower fuel costs after re-
engining. Meanwhile the loss
in ferries should be reduced
and. construction profits are
likely to show a further, grin.
So pre-tax .profits may well
approach the peak of £50.5m
achieved in 1974. Even though
the spate of Government requisi-
tioning undermines prospects
of a foreign take-over bid. at
least in the short term, the
shares rose 4p yesterday to
144p, to produce a yield of
10.4 per. cent. .

# jpyt

r : ;

NCC Energy

P & O

Sainsbury

Flabbergasting figures from
J. Sainsbury are fast becoming
a matter of routine and, after

. P & O's share price shot up
last November as takeover
speculation ran wild. No bids
have been forthcoming, but the
full year outcome has gone a
long way to justifying the

Shareholders in NCC Energy
can now count the cost of their
3f-year involvement with "Mr
Graham Ferguson Lacey. Per-
haps.it is not as bad as it might
have been: the shares were
hovering at father less than the
equivalent of 25 d when Mr
Lacey arrived in the autumn of
1978. and there, is now an offer
of 25p on the table from Cook
International. It- is better than
nothing — and much better, than
the predicament faced by Mr
Lacey and his business partner
Mr Cecil McBride upon whom
Cook has a put option at lOOp
in respect of 33m shares.

In assessing the Lacey regime
at NCC, however, it is worth’ re-
membering that when he arrived
the company had a plum in-
vestment of 3.3m shares in
LASMO. "Worth: under £5m in
late 1978 these shares were sold
for £12.4m in early 1980 and.
if '.held, would have had ’a peak
value, of more than twice that.
So the hectic years of dealing
have failed to do as much frr
the .share price as a policy of
Inaction. But there has never
been a dull moment.

tf

%

Executives

Currently Eaniing

£20POO~£SOPOO

Odgers and Co. are Management Consultants .
speciali sing in executive recruitment. We a re currently
extending our contacts with executives of outstanding
ability and achlevementin the field, of Banking. We would
like to hear from people aged 30-45 who feel that in
developing their careers over the next few years, they : :
should not rufe out the possibiiity of moving to a bigger
job in another organisation.

Please write giving* summary of ybiir background

and experience to Julian Brooke. .

Any approach wffl be treated^ fa the strictest
confidence.

•*r.

J

. MANAGEMENT CONSOCiaNTS
Odgers andCoLtd, On e Old BmdS^
• LondoJiWlX3TD
' 014938821 . :

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